I’ve never seen an older man in my entire life. Here’s a Wall Street legend, founded FSA, telling Tom Keen from Bloomberg that Bitcoin is, essentially, nuts. He cites a one sided market, with no sellers, equating it to ‘irrational exuberance’, borrowing a phrase from Alan Greenspan. Moreover, he warned the CME against launching BTC futures contracts, saying he has no idea how to price such an instrument, implying their reputation could be damaged by the product.
“This is irrational exuberance,” Royal Bank of Scotland Chairman Howard John Davies said in an interview on Bloomberg TV on Thursday. “This is a very, very unusual market, that shows we’re not in a normal two-way trading market.”
On a related note, the two ETFs that have exposure to Bitcoin have performed best this year. GBTC is higher by 1,580% this year and actively managed ARKK is higher by 70% — because its largest holding is GBTC. Go figure.Twitter