Famous billionaire John Paulson described crypto assets as a bubble that “will eventually prove worthless” in an interview with Bloomberg TV.
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“I would not advise anyone to invest in cryptocurrencies,” the 65-year-old investor, who consistently promotes gold as a store of value, said. Predicting that inflation rates may rise above expected levels due to the increased cash supply, Paulson said that gold is ready to seize its moment.
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Despite rising inflation levels over the past year, Bitcoin has outperformed gold, so Paulson’s comments are likely to draw some criticism from supporters in the crypto industry. After hitting an all-time high of $2,063 in August 2020, gold struggled to maintain that price and has been falling steadily ever since. According to Monex.com, at the time of writing, it was trading at $1812.