Cryptocurrencies Have ‘No Intrinsic Value’ Says South African Hedge Fund Guru
Jean-Pierre Verster, the founder of a South African hedge fund Protea Capital Management, has said he does not believe there is “intrinsic value” in cryptocurrencies. He insists that cryptocurrencies have “elements of a Ponzi scheme” and for that reason, he has not invested in them. A ‘Wonderful Technology’ In remarks made during an interview, Verster however appears to adopt a stance on blockchain technology that is similar to that of cryptocurrency opponents. He explained: I think the technology of blockchain is a wonderful....
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New reports emerging from South Africa suggest privately held firms are converting a portion of their cash holdings into bitcoin as they seek to hedge against currency devaluation. According to one report, an open-source software specialist firm, LSD Open, could well be the first South African company to make the bold step after it reportedly acquired $134,000 worth of bitcoin. Bitcoin Philosophy As a local report explains, LSD Open completed the purchase in two separate transactions and an average price of just over $34,200 per BTC was paid. At the time of writing, the value of LSD....
If you’ve ever built a hedge fund, chances are you’re a financial magnate… And you’re probably really smart. 29-year-old South African entrepreneur Richard Craib certainly appears to be both as the creator of San Francisco’s latest hedge fund operation Numerai. Hedge funds have been looking for new ways to enter the world of bitcoin. A former Coinbase employee who has left the guise of the world’s largest bitcoin exchange to create his own financial haven has already birthed revenue exceeding $10 million, while a New York hedge fund has brought in over $5 million. Impressive totals for....
Earle Loxton, the cofounder of EC10 (formerly DCX Capital) the institution behind the South African crypto index fund, says plans are afoot to launch the country’s first exchange-traded fund (ETF). The ETF is expected to offer South African institutional investors an indirect way of getting exposure to bitcoin. According to Loxton, an application for this ETF will soon be lodged with the Johannesburg Stock Exchange (JSE). However, Loxton also reveals in a podcast that before proceeding with the application, EC10 alongside Easy Equities will initially prioritize finding a suitable....
The criticism that bitcoin has no “intrinsic value” is a misunderstanding of the very term. In fact, Bitcoin is intrinsic value.
The billionaire subprime short-trader in the 2008 financial crash said that digital assets have a “limited supply of nothing.” Speaking in a recent interview, subprime short investor and billionaire portfolio manager John Paulson criticized the volatile nature of digital assets, while advocating for investments in traditional safe-havens such as gold.The co-founder of Paulson & Co, a New York-based firm launched in 1994, Paulson was a historic beneficiary from the U.S. housing financial market collapse of 2008 after placing a legendary successful short position.However, Paulson recently....