Elliott Management Head Called Bitcoin Greatest Fraud of All Time
February 22, 2018
The founder to one of the world’s largest hedge funds Elliott Management Paul Singer voiced his utterly severe views about the most popular cryptocurrency having called it “one of the most brilliant scams in history”.
“[Cryptocurrencies] not just a bubble. It is not just a fraud. It is perhaps the outer limit, the ultimate expression, of the ability of humans to seize upon ether and hope to ride it to the stars”.
The Elliott Management director also assailed bitcoin traders with criticism when called them as lacking ethics and morality:
“But is it not glorious that when the equivalent of nothing attracts priests and parishioners who run up the price, the very willingness of the mob to buy it at higher and higher prices is seen as validation of the thing, rather than an indication of the limitless ignorance of swaths of the human race?”
It is to be pointed out, it was in 2014 when Singer spoke on the topic of cryptocurrencies. At that moment he criticized BTC supporters who claimed it might replace gold and stated that unlike the precious metal bitcoin did not stand the test of time yet.