Billionaire Cliff Asness: "I'm Not a Bitcoin Fan'

Clifford Asness, the co-founder of AQR Capital Management, has stated that he is not a fan of Bitcoin. At the same time, he would not go as far as calling the leading cryptocurrency "a scam."

As reported by U.Today, the prominent hedge fund manager expressed skepticism toward Bitcoin during a recent Bloomberg interview, arguing that it had no viable use case. He also did not rule out that the leading cryptocurrency could be a bubble.

In February, the billionaire opined that Bitcoin and the S&P 500, the flagship U.S. stock market index, were essentially "the same thing" with different levels of volatility.

"I’m not sure about the mechanics of the correlation (where it comes from) but it’s been there and quite strong and consistent for the last few months. Which just makes me laugh," he said.

Asness has also rejected the idea that Bitcoin has to be viewed as a store of value simply due to the fact that it has a limited supply. "That’s not how things work," he added.

"Scams are uniting together"

In his most recent social media post, Asness has also lambasted the controversial Bitcoin pivot of videogame retailer GameStop.

As reported by U.Today, the firm has copied Strategy's playbook by announcing a $1.3 billion convertible note offering to raise funds for purchasing Bitcoin.

"The scams are uniting. If you think about it, this really had to happen," he quipped.

The billionaire has also harshly criticized the idea of establishing a strategic Bitcoin reserve, describing it as "ridiculous."