{"id":470487,"date":"2021-08-30T23:00:53","date_gmt":"2021-08-30T23:00:53","guid":{"rendered":"https:\/\/ktsl888.com\/?p=470487"},"modified":"2024-06-11T08:50:42","modified_gmt":"2024-06-11T08:50:42","slug":"billionaire-says-bitcoin-is-worthless","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/billionaire-says-bitcoin-is-worthless\/","title":{"rendered":"Billionaire Who Predicted 2008 Housing Crash Says Bitcoin Is \u201cWorthless\u201d"},"content":{"rendered":"

\u201cBitcoin is a bubble\u201d is something that has been thrown around a lot ever since the last bull run began in 2017. A lot of prominent personalities in the finance industry took this stand when the digital asset hit its then all-time high of $19K. The bear market that followed seemed to validate this for the next few years. Then the bull run of 2020 started and a lot of those sentiments were put on the back burner. But now, John Paulson has come to hit the market with the same thing.<\/p>\n

Related Reading |\u00a0Here\u2019s How Much Your $1,200 Stimulus Check Would Be Worth In Various Cryptocurrencies In 2021<\/a><\/strong><\/em><\/p>\n

Over a decade ago, billionaire John Paulson had bet against the housing market. Paulson had reportedly made his fortune from carefully placed bets against the housing market in 2007. The billionaire had used credit default swaps<\/a> to bet against the housing market, which looked to be in its subprime. By 2010, Paulson himself had made $4.9 billion from his bet. The complete total Paulson made for himself and his clients from shorting the market in 2007 came out to about $20 billion, making it one of the biggest fortunes ever made in the history of Wall Street.<\/p>\n

Bitcoin Has No Intrinsic Value<\/h2>\n

Paulson was on Bloomberg\u2019s Wealth with David Rubenstein to talk about trading and financial markets. Paulson remained bullish on gold, as he has been for a number of years now, which he believed is coming into its moment. The billionaire although had nothing good to say about cryptocurrencies. Cryptos received harsh criticism from Paulson, where he stated, \u201cI am not a believer in cryptocurrencies.\u201d<\/p>\n

Related Reading |\u00a0Deloitte Survey Shows 76% Of Finance Execs Think Physical Money Is Nearing Its End<\/a><\/strong><\/em><\/p>\n

Paulson then went on to call cryptocurrencies a \u201cbubble.\u201d Paulson attributed the value of cryptocurrencies to the high demand for them. One could argue that this is the way economics works. Demand always plays the biggest role in how something is valued.\u00a0 <\/span>Paulson also explained that there were way too many downsides to bitcoin. He added that the digital asset was just too volatile too short. Hence, the short methods<\/p>\n

\n

\u201cI would describe cryptocurrencies as a limited supply of nothing. There is no intrinsic value to any of the cryptocurrencies.\u201d<\/p>\n<\/blockquote>\n

Although Paulson spoke critically on other investments like SPACs, he was harshest on bitcoin. The billion said that cryptocurrencies \u201cwill eventually prove to be worthless.\u201d<\/p>\n

Gold Versus BTC<\/h2>\n

Paulson\u2019s track record after his famous 2007 short has not been noteworthy. Although his assets under management grew after the notoriety he gained from that trade, it soon dwindled down as investors pulled out their money. In 2019, Paulson went from managing $38 billion to only about $9 billion assets under management, at this point mostly managing his own money. So Paulson turned his hedge fund into a family office.<\/p>\n

\"Bitcoin<\/p>\n

BTC has surpassed gold year over year | Source: BTCUSD on TradingView.com<\/a><\/pre>\n

Paulson is bullish on gold, despite the fact that bitcoin has outperformed the asset consistently over the past decade. While gold has brought consistently negative results to its investors, bitcoin has returned over 200% year over year<\/a> in returns.<\/p>\n

Featured image from Bitcoinist, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"

\u201cBitcoin is a bubble\u201d is something that has been thrown around a lot ever since the last bull run began in 2017. A lot of prominent personalities in the finance industry took this stand when the digital asset hit its then all-time high of $19K. The bear market that followed seemed to validate this for the next few years. Then the bull run of 2020 started and a lot of those sentiments were put on the back burner. But now, John Paulson has come to hit the market with the same thing. Related Reading |\u00a0Here\u2019s How Much Your $1,200 Stimulus Check Would Be Worth In Various Cryptocurrencies In 2021 Over a decade ago, billionaire John Paulson had bet against the housing market. Paulson had reportedly made his fortune from carefully placed bets against the housing market in 2007. The billionaire had used credit default swaps to bet against the housing market, which looked to be in its subprime. By 2010, Paulson himself had made $4.9 billion from his bet. The complete total Paulson made for himself and his clients from shorting the market in 2007 came out to about $20 billion, making it one of the biggest fortunes ever made in the history of Wall Street. Bitcoin Has No Intrinsic Value Paulson was on Bloomberg\u2019s Wealth with David Rubenstein to talk about trading and financial markets. Paulson remained bullish on gold, as he has been for a number of years now, which he believed is coming into its moment. The billionaire although had nothing good to say about cryptocurrencies. Cryptos received harsh criticism from Paulson, where he stated, \u201cI am not a believer in cryptocurrencies.\u201d Related Reading |\u00a0Deloitte Survey Shows 76% Of Finance Execs Think Physical Money Is Nearing Its End Paulson then went on to call cryptocurrencies a \u201cbubble.\u201d Paulson attributed the value of cryptocurrencies to the high demand for them. One could argue that this is the way economics works. Demand always plays the biggest role in how something is valued.\u00a0 Paulson also explained that there were way too many downsides to bitcoin. He added that the digital asset was just too volatile too short. Hence, the short methods \u201cI would describe cryptocurrencies as a limited supply of nothing. There is no intrinsic value to any of the cryptocurrencies.\u201d Although Paulson spoke critically on other investments like SPACs, he was harshest on bitcoin. The billion said that cryptocurrencies \u201cwill eventually prove to be worthless.\u201d Gold Versus BTC Paulson\u2019s track record after his famous 2007 short has not been noteworthy. Although his assets under management grew after the notoriety he gained from that trade, it soon dwindled down as investors pulled out their money. In 2019, Paulson went from managing $38 billion to only about $9 billion assets under management, at this point mostly managing his own money. So Paulson turned his hedge fund into a family office. BTC has surpassed gold year over year | Source: BTCUSD on TradingView.com Paulson is bullish on gold, despite the fact that bitcoin has outperformed the asset consistently over the past decade. While gold has brought consistently negative results to its investors, bitcoin has returned over 200% year over year in returns. Featured image from Bitcoinist, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":470488,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[84162,428,1119,1144,83970,79520],"class_list":["post-470487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-billionaire-john-paulson","tag-bitcoin","tag-btc","tag-btcusd","tag-btucsdt","tag-xbtcusd"],"acf":[],"yoast_head":"\nBillionaire Who Predicted 2008 Housing Crash Says Bitcoin Is \u201cWorthless\u201d<\/title>\n<meta name=\"description\" content=\"\u201cBitcoin is a bubble\u201d is something that has been thrown around a lot ever since the last bull run began in 2017. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/ktsl888.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Billionaire Who Predicted 2008 Housing Crash Says Bitcoin Is \u201cWorthless\u201d","url":"http:\/\/ktsl888.com\/news\/billionaire-says-bitcoin-is-worthless\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/billionaire-says-bitcoin-is-worthless\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/08\/ss-bitcoin-bubble.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/08\/ss-bitcoin-bubble.jpeg?fit=1920%2C1200"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["billionaire john paulson","bitcoin","btc","btcusd","btucsdt","xbtcusd"],"dateCreated":"2021-08-30T23:00:53Z","datePublished":"2021-08-30T23:00:53Z","dateModified":"2024-06-11T08:50:42Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Billionaire Who Predicted 2008 Housing Crash Says Bitcoin Is \\u201cWorthless\\u201d\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/billionaire-says-bitcoin-is-worthless\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/billionaire-says-bitcoin-is-worthless\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/ss-bitcoin-bubble.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/ss-bitcoin-bubble.jpeg?fit=1920%2C1200\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"billionaire john paulson\",\"bitcoin\",\"btc\",\"btcusd\",\"btucsdt\",\"xbtcusd\"],\"dateCreated\":\"2021-08-30T23:00:53Z\",\"datePublished\":\"2021-08-30T23:00:53Z\",\"dateModified\":\"2024-06-11T08:50:42Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/08\/ss-bitcoin-bubble.jpeg?fit=1920%2C1200","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/470487"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=470487"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/470487\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/470488"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=470487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=470487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=470487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}