CandleFocus Bitcoin a bubble unless broader uses emerge: Cliff Asness
2025-01-13
Author: Content Editor
Cliff Asness, co-founder of AQR Capital Management, has labeled Bitcoin as a speculative bubble due to its significant rise in value following the U.S. presidential election in November 2024. Asness remains skeptical of Bitcoin's long-term value, stating that it lacks clear, practical uses beyond speculation and illicit activities. He believes that for him to be convinced otherwise, a use case for Bitcoin would need to be identified. Asness recognizes three primary functions for cryptocurrency: speculative trading, use in war-torn regions, and paying cyber ransoms. Despite his bearish outlook, he acknowledges the challenges of shorting Bitcoin due to its extreme volatility and the risks associated with concentrated short positions. After surging by 120% in 2024, Bitcoin experienced a 3% dip in early 2025, currently trading near $92,000.
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