Mar 15, 2021 09:53 UTC
Mar 15, 2021 at 09:54 UTC
Tim Bond, a portfolio manager at Odey Asset Management, has advised that BTC is useless, vocation the cryptocurrency ‘a particularly vile asset class.’ He entitlements that BTC has no actual social utility other than as an instrument for speculation & a means to launder the continues of crime.
Fund Manager Realizes BTC as a Vile Asset Class
Tim Bond, a partner & portfolio manager at Odey Asset Management, advised about BTC in a new interview with Marketwatch. Recognized in 1991 by billionaire Crispin Odey, the firm presently has over $3 billion in funds below management.
Before connection Odey Asset Management in 2010, Bond consumed 12 years at Barclays Capital as managing director & head of global asset allocation. He earlier worked at Moore Capital as a portfolio strategist & expended 10 years as a tactician & trader for Tokai Bank Europe.
As the price of BTC success all-time highs numerous times this month, Bond was cited as saying:
To my mind, BTC is a chiefly vile asset class. If BTC commenced to move fiat currencies, governments’ capacity to tax, spend & reallocate will be harshly impaired.
Revealing that neither he nor his company has any holding in BTC, the fund manager started by advice that ‘bitcoin has no actual social utility other than as a tool for conjecture & a means to launder the proceeds of crime,’ the journal conveyed.
He then demanded that BTC could stop society from functioning in a well-organized & ethical manner, declaring that the cryptocurrency is an ‘extreme method of libertarian anarchism.’
The Odey fund manager proceeded to discourse about BTC mining, demanding that the activity ‘added CO2 emissions equivalent to the annual output of a medium-sized advanced economy.’ In addition, Bond more opined that ‘as the BTC price rallies, so the mining activity will strengthen, producing even higher levels of CO2 emissions,’ expounding:
It is problematic to think of any other human activity that is concurrently quite so useless & quite so harmful to the planet.
Bitcoiners directly took to Twitter to point out numerous flaws in Bond’s arguments, influence him to do more research before observing on bitcoin. One Twitter user inscribed: ‘This guy is just now catching up & freaking out. Every argument he makes was debunked 5 years ago.’ Another chimed in: ‘Nastiest understanding & highest unawareness reward on BTC today goes to Tim Bond from Odey Asset Management. Do approximately more research please before making a fool of yourself.’