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Sujit Kumar
Jan 14, 2025
by Sujit Kumar

Hedge Fund Billionaire Cliff Asness Reiterates Bitcoin Skepticism

Bitcoin Skepticism

Table of contents

  1. A History of Bitcoin Criticism
    1. Institutional Support Challenges Skeptics
  2. The Debate Continues
Cliff Asness, co-founder of AQR Capital and billionaire hedge fund manager, continues to express skepticism about Bitcoin, dismissing it as a “bubble” with no clear use case. In a recent CNBC interview, Asness reiterated his critical stance but admitted that he avoids shorting the cryptocurrency due to its high volatility.

A History of Bitcoin Criticism

Asness has consistently questioned Bitcoin’s legitimacy. In 2021, he ruled out incorporating Bitcoin into quantitative strategies, doubting the feasibility of reliable valuation models. Following the FTX collapse in 2022, he doubled down on his criticisms, calling cryptocurrencies “bubble assets” and “made-up pretend money.”

His views echo those of other traditional finance skeptics, including JPMorgan CEO Jamie Dimon, who has linked Bitcoin’s primary use to illicit activities.

Institutional Support Challenges Skeptics

Despite Asness’s criticisms, Bitcoin has gained significant institutional support. Industry leaders like BlackRock’s Larry Fink have backed Bitcoin, highlighting its potential as a decentralized global asset. Bitcoin-focused financial products, including ETFs, have further legitimized its role in traditional financial systems.

Proponents argue that Bitcoin’s increasing adoption and practical use cases challenge the skepticism of figures like Asness. They see Bitcoin as a bridge between traditional finance and decentralized innovation, though skeptics remain unconvinced.

The Debate Continues

As Bitcoin adoption grows, the divide between critics and supporters becomes more pronounced. Whether the cryptocurrency can fully overcome skepticism and achieve broader acceptance remains a key question for its future.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Hedge Fund Billionaire Cliff Asness Reiterates Bitcoin Skepticism
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.