Co-founder of Magellan Financial Group, billionaire Hamish Douglas, called digital assets “one of the greatest mass delusions in modern history”.
In an interview with The Australian Financial Review, he likened the crypto market to a bubble that will “ultimately explode”. In Douglas’s view, the proponents of such assets are inexperienced investors.
“Cryptocurrencies are one of the greatest irrationalities I have seen in a very long time, due to the cult behind them and their scale,” said the co-founder of Magellan Financial Group.
He urged investors to beware of digital assets and not forget the risks associated with them.
Earlier, billionaire Stanley Druckenmiller criticised Dogecoin, saying the meme cryptocurrency would appeal to casino enthusiasts. He also complained about Bitcoin’s low liquidity after its price decline in 2020.
In May 2021, Pershing Square Capital Management founder Bill Ackman described the flagship «a purely speculative asset».
As noted, Carlyle Group co-founder David Rubenstein suggested that cryptocurrencies will remain part of the financial landscape for many years. In his words, this new class of assets is not a fad that is destined to disappear.
Subscribe to ForkLog news on Telegram: ForkLog Feed — the full feed of news, ForkLog — the most important news, infographics and opinions.