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Investor John Paulson calls cryptocurrency ‘worthless bubble’

Summary:
Crypto will probably be zooming again next year. I agree with John Paulson, though, it's backed by nothing, so could dissappear overnight. I think he describes it quiet succinctly. He also predicts that massive inflation may coming soon, but let's hope not."cryptocurrencies like Bitcoin and Ethereum, which promise independence from governments and large financial institutions, '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,' he said.He added: 'I would describe them as a limited supply of nothing. So to the extent there’s more demand than the limited supply, the price would go up. But to the extent the demand falls, then the price would go down. There’s no

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Crypto will probably be zooming again next year. I agree with John Paulson, though, it's backed by nothing, so could dissappear overnight. I think he describes it quiet succinctly. 

He also predicts that massive inflation may coming soon, but let's hope not.

"cryptocurrencies like Bitcoin and Ethereum, which promise independence from governments and large financial institutions, '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,' he said.

He added: 'I would describe them as a limited supply of nothing. So to the extent there’s more demand than the limited supply, the price would go up. But to the extent the demand falls, then the price would go down. There’s no intrinsic value to any of the cryptocurrencies except that there’s a limited amount.'


The Mail 


Investor John Paulson calls cryptocurrency 'worthless bubble' 

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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