Cliff Asness says crypto is only good for speculation, criminality and bitcoin is in a bubble
Cliff Asness.
Chris Goodney | Bloomberg | Getty Images
Cliff Asness, co-founder of AQR Capital Management, believes bitcoin is in a speculative bubble after the cryptocurrency’s swift rally carried it above $100,000 following the November presidential election.
“I’m on the bubble side, on net,” Asness said on CNBC’s “Money Movers” on Monday. “To move me off that, you really need not a price change, but a use case. That’s what could convince me to become maybe more of a crypto person when I find any use for it, aside from speculation and criminality.”
Asness said there are three uses for crypto that he has identified: speculation, use in war-torn countries and paying cyber ransom.
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