“No, I am not a believer in cryptocurrencies. I would say that cryptocurrencies are a bubble. I would describe cryptocurrencies as a limited supply of nothing. I wouldn’t recommend anyone invest in cryptocurrencies,” said Paulson. When Paulson was asked about cryptocurrencies during a recent Bloomberg interview he said he wasn’t a believer and that the space was a bubble. So far, there seems to be a limited consensus regarding the future of crypto among Wall Street veterans. Warren Buffet has famously said that Bitcoin is “probably rat poison squared,” while other famous investors, like Ray Dalio, have been optimistic.
“Quite frankly, I am glad I do . This has helped me learn about the evolution of what I think will be a blockchain technology that will continue to grow. So it’s something I am glad I got involved with.” He added that BlackRock currently holds some smaller crypto positions within portfolios and that he’s glad to own the asset class because it has helped him learn more about the technology.
Rieder’s take on cryptocurrency is in stark contrast to some recent opinions among other famous investors. John Paulson, the founder of Paulson & Co. who became well-known for betting against the housing market in the 2008 financial crisis, recently said that he thought crypto could go to zero. “I think it could have some real upside. My sense is there are more buyers than sellers. It’s an asset class that I think is durable,” said Rieder.
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