Investor Cliff Asness says bitcoin is a bubble unless uses besides speculation and criminality emerge

Published On Jan 13, 2025, 12:34 PM

Cliff Asness, a co-founder of AQR Capital Management, has declared that Bitcoin is currently in a speculative bubble, primarily driven by its uses in speculation and criminal activities, particularly in the wake of a strong price rally exceeding $100,000 post the recent presidential election. Asness emphasized that for him to change this view, he would need to see more substantial and positive use cases for Bitcoin beyond speculation. He suggested that despite his bearish outlook, he is wary of shorting cryptocurrencies due to their inherent volatility. As of now, Bitcoin has dipped slightly to around $90,000, marking a 3% decrease in the new year after a significant 120% increase throughout 2024.