Cryptocurrencies a scam, bubble and fraud

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Wow, I nearly choke on my coffee. Sorry to spoil your mood if you are one of the big fans of Bitcoin. This article by Rakesh Sharma for Investopedia crossed my desk and may be of interest to some clients. Here is a part of the article: O human folly, thy name is Bitcoin! At least that might be the takeaway from hedge fund Elliott Management's latest letter to clients. 

In a creative January missive that is equal parts critical about the hyperbole associated with cryptocurrencies and admiring of the manner in which they have captivated public imagination, Elliott Management described cryptocurrencies as “one of the most brilliant scams in history.”

“FOMO (Fear of Missing Out) has solidly trumped WTHIT (What the Hell Is This??),” Elliot wrote to clients, as an explanation for the current crypto mania. According to the hedge fund, cryptocurrencies are 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.”

You can read it HERE.

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