Tim Bond, portfolio manager at Odey Asset Management, warned that bitcoin does not make sense, calling cryptocurrency “a particularly vile asset class”. He claims that bitcoin has no real social utility except as a tool for speculation and a means of laundering the profits of crime.
The fund manager sees bitcoin as a vile asset class
Tim Bond, partner and portfolio manager at Odey Asset Management, warned about bitcoin in a recent interview with Marketwatch. Founded in 1991 by billionaire Crispin Odey, the company currently has more than $ 3 billion in funds under management.
Before joining Odey Asset Management in 2010, Bond spent 12 years at Barclays Capital as managing director and head of global asset allocation. Previously, he worked at Moore Capital as a portfolio strategist and spent 10 years as a strategist and negotiator for Tokai Bank Europe.
As the price of bitcoin reached historical levels several times this month, Bond was quoted as saying:
In my opinion, bitcoin is a particularly vile asset class. If bitcoin begins to replace fiat currencies, governments’ ability to tax, spend and redistribute will be severely impaired.
Disclosing that neither he nor his company has any stake in bitcoin, the fund manager began by warning that “bitcoin has no real social use other than as a tool for speculation and a means of laundering the proceeds of crime,” the company said. Publication.
He then stated that bitcoin could prevent society from functioning efficiently and ethically, claiming that cryptocurrency is an “extreme form of libertarian anarchism”.
The Odey fund manager went on to talk about bitcoin mining, claiming that the activity “added CO2 emissions equivalent to the annual output of an advanced medium-sized economy”. In addition, Bond further stated that “as the price of bitcoin rises, mining activity intensifies, producing even higher levels of CO2 emissions”, elaborating:
It is difficult to think of any other human activity that is both useless and so harmful to the planet.
Bitcoiners immediately accessed Twitter to point out many flaws in Bond’s arguments, encouraging him to do more research before commenting on bitcoin. A Twitter user wrote: “This guy is just getting updated and going crazy. Every argument he makes was disproved 5 years ago. Another added: “The worst reward of understanding and most ignorance about bitcoin today goes to Tim Bond, from Odey Asset Management. Do more research, please, before you make a fool of yourself. “
What do you think of Tim Bond’s views on bitcoin? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer of Liability: This article is for information purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damages or losses caused or allegedly caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.