Veteran investor Joel Greenblatt said he has not bought any bitcoin because he thinks there is no intelligent way to value the cryptocurrency.
Joel Greenblatt Owns No Bitcoin
In a Tuesday episode of the Investor’s Podcast Network, Joel Greenblatt, the founder of Gotham Capital, said he owns no bitcoin and has never bought a crypto asset because he sees no intelligent way to value it.
“[Bitcoin] is never going to earn any money. To me, it’s a speculation. I have no intelligent way to value it,” he said.
Despite his view on the matter, he admitted that people can earn from the leading cryptocurrency.
“I’m not saying people won’t make money speculating in Bitcoin or gold. It’s alien to me as an investment because I can’t value it. It has no inherent value. It has no earnings,” the investment guru said.
As Bitcoin continues to garner mainstream interest, Greenblatt noted that he doesn’t feel bad about his of not investing in the digital asset. He went further to describe himself as disciplined for not joining the craze.
Even though Joel Greenblatt is not a fan of Bitcoin, he doesn’t have an entirely negative view about the cryptocurrency.
“People have tried to make a case for me for the various uses for bitcoin, or why I should stay. And I can’t say I’m completely dismissive,” he said.
The renowned investor admitted he had been wrong in thinking Bitcoin would not reach the heights it has today.
Bitcoin Gains Massive Adoption
Bitcoin, currently trading at $47,828, has gained serious adoption among countries, corporations, and investors despite unending criticisms against the asset.
The cryptocurrency has proved to be a lifeline to people in Ukraine amid the on-going geopolitical conflict the country has with Russia. Since the war, individuals and companies have donated different cryptocurrencies to the country to help sustain its economy. This encouraged Ukraine to legalize cryptocurrencies, making it convenient and secure to boost business development.
Earlier this week, Coinfomania reported that Citizens School, a Dubai-based educational institution, plans to adopt bitcoin and ether as a means of payment for tuition fees.
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