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This story was first published on the Benzinga India portal.
Amid the volatile waves of the cryptocurrency market, Mohnish Pabrai, an investment fund manager often likened to Warren Buffett, has cast a shadow of doubt over the future of Bitcoin.
What Happened: Pabrai, in a recent appearance on the My First Million podcast, shared his critical perspective on Bitcoin, hinting at a bleak future for the digital currency. He admitted that Bitcoin (CRYPTO: BTC) is beyond his expertise and bluntly stated, “If you put a gun to my head, I would say it’s going to end badly.” His skepticism is rooted in the absence of intrinsic value in Bitcoin, which he believes is essential for investment.
Drawing a parallel between Bitcoin and the US dollar, “The Dhando Investor” author pointed out that despite the dollar’s lack of intrinsic value, it is underpinned by “the full faith and credit of the US government,” bolstered by the trust of the American people. This kind of support, he argues, is starkly missing for Bitcoin.
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Pabrai also cautioned that most individuals should steer clear of investing in Bitcoin, as many are unable to justify its value or foresee its future trajectory. His views mirror the approach of many value investors who question the cryptocurrency’s foundational support and its prospects for longevity.
Why It Matters: Pabrai’s apprehension towards Bitcoin resonates with the sentiments of other prominent figures in the investment world. Charlie Munger and Buffett, two of the most respected investors globally, have also expressed their disdain for Bitcoin, albeit for different reasons. Buffett once famously referred to Bitcoin as “probably rat poison squared,” underscoring his skepticism about its value.
Moreover, the call for a crackdown on Bitcoin and the broader crypto industry by the JPMorgan CEO has added to the negative sentiment, although this stance was met with ridicule on social media.
Meanwhile, cryptocurrencies are hitting new highs with Bitcoin trading above ₹56.2 lakh and Ethereum at ₹3.16 lakh.
The latest surge is coming after the U.S. markets regulator, the SEC, approved eight Ethereum spot ETFs after giving similar approval for Bitcoin offerings months prior.
Image Via Shutterstock
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Posted In: $BTC
