Bitcoin is a pet rock. Jeff Christian, managing director for New York based CPM Group did not mince words when it comes to the cryptocurrency.
'Bitcoin is the ultimate pet rock,’ he told Kitco News Friday. ‘I think it’s just a gigantic speculative play, it has no tangible asset behind it. It’s a scandal waiting to happen.’
The longtime precious metals expert says he prefers gold because it is a more ‘legitimate’ asset class. ‘What you are seeing is speculative players buying bitcoin,’ he said. ‘Just because you make money on it doesn’t mean it’s a legitimate activity.’
- Source, Kitco News
