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Man Group CEO, investing veteran Luke Ellis, told Financial Times that cryptocurrencies are worthless, yet they provide their holders with amazing trading opportunities.
Crypto is a tulip bulb: Man Group's Luke Ellis
According to the text of an interview shared by Financial Times, Mr. Ellis dismisses the intrinsic value of digital currencies. For him, the entire crypto market looks like "tulip bulbs," the infamous euphoria of the 17th century.
Much of the crypto market action involves participants that doubt their ultimate utility, according to the chief executive of the world's largest listed hedge fund manager https://t.co/SSth2tF72n pic.twitter.com/g1U5K6G6yd
— Financial Times (@FinancialTimes) July 26, 2021
This statement was immediately retweeted by prominent anti-Bitcoiner economist and asset manager Nouriel Roubini.
Mr. Ellis noticed that the vast majority of investors involved in cryptocurrencies markets fully understand that these coins are valueless in terms of "ultimate" utility.
At the same time, Mr. Ellis and his team admit that cryptocurrencies empower traders with lucrative trading opportunities that arose from the "wild" price swings of digital assets.
"Things to trade"
That said, Man Group is trading cryptocurrencies, among other assets. Well known for its revolutionary quantitative models of price anomalies research, Man Group is not missing an opportunity to earn from crypto price surges and free falls.
At the same time, crypto does not look to Luke Ellis like a full-fledged investment product that delivers value to investors who hold cryptocurrencies.
Mr. Ellis is interested in blockchain as a technology that can advance the efficiency of payment systems. However, that does not affect the value of blockchain assets: for the Man Group CEO, crypto tokens are just "things to trade."