The co-founder of American investment firm Paulson & Co, John Paulson, has said he believes that digital assets boil down to having no real value at all.
Known as one of the most powerful investors of our time, Paulson has not hesitated to join the likes of Warren Buffet to discredit cryptocurrencies.
Even though he has significantly divested his holdings between 2011 and 2019, he has kept an eye on the crypto market.
In a Bloomberg interview, Paulson said that cryptocurrencies failed to produce any intrinsic value and said the limited supply of some currencies was a “limited supply of nothing”.
The interviewer asked Paulson flatly what his exact thoughts on crypto were, and he produced the following response: “Cryptocurrencies, regardless of where they’re trading today, will eventually prove to be worthless. Once the exuberance wears off, or liquidity dries up, they will go to zero. I wouldn’t recommend anyone invest in cryptocurrencies.”
Paulson touched on the repercussions the pandemic has had on the world, noting that gold investment has increased, becoming a precursor for inflation.
A skeptic of the crypto boom, Paulson may have a point about the value of cryptocurrencies. However, Bitcoin’s price continues to sit around $50,000 to the benefit of early-day investors.
Meanwhile, some of the best online casinos around the world have agreed to accept BTC as their go-to currency, including brands such as Bitcasino, 1xBit and FortuneJack.