Gold investor John Hathaway calls bitcoin as "garbage"
With all the enthusiasm for the new investment classes of cryptos, there are always some who do not lose a good word to Bitcoin and Co. - such as gold investor John Hathaway.
It was only recently that JPMorgan's board chairman Jamie Dimon Bitcoin had described fraud and bubbles. Shortly thereafter the bitcoin course broke in. John Hathaway joins the Bitcoin Basher family, which is focusing primarily on gold investments with its fund management Tocqueville Asset Management.
In an interview with Kitco, a new site for precious metals, Hathaway said that cryptry is "garbage" (garbage). So it is perfectly clear to him that it is an "absolute bubble", even if it is as possible in any bubble, of course, to make a lot of money, if one jumps off in time.
Hathaway also drew attention to the low market capitalization of the crypt currency as compared to the global gold holdings. A point which, unlike its "rubbish design", can not be dismissed by the hand. The approximate market capitalization of the world's gold holdings is more than 60 trillion US dollars, which is about 50 times the current cryptosector.
Negative utterances accumulate
More and more, investors and bank representatives have been negatively commenting on cryptoscripts. It is understandable, finally, that many representatives of the "traditional" investment and financial business see an ever-increasing competition. The well-known investor Peter Schiff - also heavily focused on the gold sector - had also described it as a bubble or a worthless asset in an interview with CNBC Bitcoin.
Statements such as these will still exist in the future. Depending on who they come from, they can also press the Bitcoin course. However, this is only a matter of short-term price consolidations without a long-term impact. Investors should respond appropriately to such utterances.
Rather than pulling trenches between the investor groups, it should be clear to everyone that there are good reasons for traditional asset classes such as stocks and precious metals, and good against it. This is not the case with cryptic stimuli, and many arguments and arguments can be found here.