Billionaire investor Paul Singer called cryptocurrencies as “one of the most brilliant scams in history” in his latest quarterly letter to clients.
Singer is the founder of Elliott Management, one of the largest hedge funds worldwide. His firm has $34 billion assets under management as of January 1, 2018.
In his fourth-quarter letter to clients, Singer dedicated three pages attacking cryptocurrencies. Singer has long been a critic of digital currencies such as bitcoin, which became popular among investors.
Singer compares cryptocurrencies to an empty black box
According to Singer, “Cryptocurrencies are nothing except the marketing power of inventors, financiers and others who love the idea of buying a black box (which is obviously empty) for the price of a Kia and dreaming that it will turn into a Mercedes. There have been times recently when this dream has materialized within hours. This is not just a bubble. It is not just a fraud. It is perhaps the outer limit, the ultimate expression, of the ability of humans to seize upon ether and hope to ride it to the stars.”