Jack Bogle, the founder of Vanguard Group, an asset investment firm managing over $4.4tr, has denounced bitcoin. Bogle said the cryptocurrency “has no underlying rate of return” and that the only reason to invest would be in “the hope that you will sell it to someone for more than you paid.”
Why It’s Important
The 88-year-old joins JP Morgan’s Jamie Dimon, Nobel prize-winner Joseph Stiglitz and billionaire investor Warren Buffett in the anti-bitcoin camp. The cryptocurrencies colossal growth has caused it to significant figures to declare the asset in a bubble.
What to Look Out For
Not all experts oppose bitcoin. Global Head of Commodities Research at Goldman Sachs, Jeff Currie, said the cryptocurrency is “not much different than gold”, while Paypal’s Co-founder, Peter Thiel, also drew a parallel between gold and bitcoin, saying it is “just a store of value.”
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