Billionaire John Paulson Calls Bitcoin worthless And He Will never Recommend it to Anyone
John Paulson bitcoin is worthless will one day be worth nothing, bitcoin and all the other digital assets will never replace gold. Billionaire John Paulson says he would never recommend anyone to invest in Bitcoin.
John Paulson the billionaire founder of the Hedge Fund who made his fortune during the housing bubble said in an interview published on Sunday that he believes Cryptocurrency will ultimately go bust and bitcoin will be worthless
The 65 year old foundder of the Hegdge fund said to Bloomberg weath with David Rubenstein that he couldn't recommend the investment of Cryptocurrency like Bitcoin to anyone. He said there is a cryptocurrency bubble that will eventually prove to be worthless
He continued to say he could admire Bitcoin to be a limited supply of nothing, to the extent where there's more demand than the limited supply. the price would go down. There's no intrinsic value to any of the cryptocurrencies except that there's a limited amount.
Bloomberg pointed out sharply that the Billionaire Paulson is a big believer and buyer of physical assets like gold and silver despite the fact that in the currect era digital assets are out refromaing more than metal.
Digital currencies, the likes of Bitcoin, dogecoin, Ethereum have been largely unregulated by the government.
The wall streest joutnal reported at some point in July that Paulson announced that he will convert hedge fund into a pivate investment firm if the company starts to face some declines. The Bloomberg report called his results "mixed" after the famous short.