Shine Trader Limited reports:
Billionaire John Paulson should put a few books on bitcoin on his fall reading list because bitcoin is here to stay, says Cathy Wood, founder of ARK Investments.
Paulson made billions betting against subprime mortgage bonds during the 2008 financial crisis, earning him the nickname “Wall Street sky God.” He said in a recent interview that cryptocurrencies “will ultimately prove worthless” and would not advise anyone to invest in them.
Wood has long been a proponent of cryptocurrencies, gaining exposure through leveraged holdings of Coinbase and Square. She said:
“I would say paulson has been a gold bug for most of his career. “A lot of gold focused investors don’t understand the concept of numbers associated with gold.”
Wood argues that Paulson, like other cryptocurrency critics, is missing several points:
“He failed to recognize that Bitcoin is more than just a store of value or digital gold. Bitcoin, in particular, is a new global monetary system. It is a rules-based monetary policy, fully decentralized and therefore not subject to the whims of policymakers. In fact, it’s a hedge against the whims of policymakers, especially in emerging markets.”
article links：Calling out the Wall Street gods: Bitcoin is the future
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