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Cryptocurrencies Have ‘No Intrinsic Worth’ Says South African Hedge Fund Guru – Blockchain Bitcoin Information


Jean-Pierre Verster, the founding father of a South African hedge fund Protea Capital Administration, has mentioned he doesn’t consider there may be “intrinsic worth” in cryptocurrencies. He insists that cryptocurrencies have “components of a Ponzi scheme” and for that motive, he has not invested in them.

A ‘Fantastic Know-how’

In remarks made throughout an interview, Verster nevertheless seems to undertake a stance on blockchain expertise that’s just like that of cryptocurrency opponents. He defined:

I believe the expertise of blockchain is a superb expertise. And can discover purposes in relation to having open ledgers – in relation to transactions that you might want to make sure that are captured someplace or recorded someplace in a means that individuals can’t after the details – fiddle with these recordings. For that blockchain is nice.

Though he factors to international alternate restrictions and hyperinflation as among the authentic components that contribute to the recognition of cryptocurrencies, Verster nonetheless assaults “the applying of blockchain into cryptocurrency.”

Inevitable Crash

He additionally warns of an inevitable crash ought to all of the individuals who wished to get entangled within the currencies lastly accomplish that. Verster defined additional:

So it’s got these components of a Ponzi scheme, which signifies that for an extended time period, costs go up, go up, and it seems like worth will increase, after which all of it comes crashing down. So I’ve not invested in crypto myself.

These newest anti-crypto feedback by Verster — who additionally confesses that he’s no crypto bull — are a reiteration of his disdain for kinds of investments that make him “dependant on what the opposite individual thinks the asset is price.”

Do you agree with what Verster has mentioned about cryptocurrencies? Inform us what you suppose within the feedback part beneath.

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