Bitcoin Is No Safe-haven, It's Risky Business Warns This Expert

Bitcoin is a pet rock.Jeff Christian, managing director for New York based CPM Group did not mince words when it comes to the cryptocurrency. 'Bitcoin is the ultimate pet rock,’ he told Kitco News Friday. ‘I think it’s just a gigantic speculative play, it has no tangible asset behind it. It’s a scandal waiting to happen.’ The longtime precious metals expert says he prefers gold because it is a more ‘legitimate’ asset class. ‘What you are seeing is speculative players buying bitcoin,’ he said. ‘Just because you make money on it doesn’t mean it’s a legitimate activity.’ (show less)

Bitcoin is a pet rock.Jeff Christian, managing director for New York based CPM Group did not mince words when it comes to the cryptocurrency. 'Bitcoin is the ultimate pet rock,’ he told Kitco News Friday. ‘I think it’s just a gigantic speculative play, it has no tangible asset behind it. It’s a scandal waiting to happen.’ The longtime precious metals expert says he prefers gold because it is a more ‘legitimate’ asset class. ‘What you are seeing is speculative ... (read more)

 
 
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The Kitco News team speaks to analysts and experts on the frontlines of the market to get the most up-to-date news on the economy. The show offers a well-rounded, timely view on big market moves and any major headlines that may affect financial assets. Coined – no pun intended – as the number one source of precious metals news, Kitco News is the leading provider of up-to-date price action in the precious metals space.

 

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