Vanguard Founder: “Avoid Bitcoin Like the Plague,” We’ll Talk When It’s $100November 29, 2017 4:27 pm
Cryptocoinsnews reports Wall Street magnate John Bogle has some strong words for investors interested in the bitcoin industry: Stay away from the cryptocurrencies.
“Avoid bitcoin like the plague. Did I make myself clear?” – Jack Bogle, retired chairman of the Vanguard Group to Bloomberg News
Bogle’s ire at the cryptocurrency comes as the decentralized cryptocurrency is valued above $11,000 Wednesday, the report said.
Speaking at a Council on Foreign Relations event in New York Tuesday, Bogle said ““Bitcoin has no underlying rate of return. Gold has nothing. There is nothing to support bitcoin except the hope that you will sell it to someone for more than you paid for it.”
Bogle pointing to bonds relying on interest coupons, stocks with earnings and dividends as an alternative, the report said.
Bitcoin has surged this year, rising nearly 1,100 percent since the beginning of 2017.
Bogle is adamant in his belief that bitcoin is overvalued, the report said opining the value of the world’s first cryptocurrency could double before predicting a seismic correction.
“It’s crazy to invest in the digital asset,” he said, adding, “Bitcoin may well go to $20,000 but that won’t prove I’m wrong. When it gets back to $100, we’ll talk.
Bogle joins JP Morgan Chase chief Jamie Dimon in disavowing bitcoin. Dimon labeled bitcoin a “fraud” that will see someone “going to get killed,” the report said.
– WN.com, Jack Durschlag