Co-founder of Magellan Financial Group, billionaire Hamish Douglas, called digital assets “one of the greatest mass delusions in modern history”.<\/p>\n
In an interview with The Australian Financial Review<\/a>, he likened the crypto market to a bubble that will “ultimately explode”. In Douglas’s view, the proponents of such assets are inexperienced investors.<\/p>\n “Cryptocurrencies are one of the greatest irrationalities I have seen in a very long time, due to the cult behind them and their scale,” said the co-founder of Magellan Financial Group.<\/p>\n<\/blockquote>\n He urged investors to beware of digital assets and not forget the risks associated with them.<\/p>\n Earlier, billionaire Stanley Druckenmiller<\/a> criticised Dogecoin, saying the meme cryptocurrency would appeal to casino enthusiasts. He also complained about Bitcoin’s low liquidity after its price decline in 2020.<\/p>\n In May 2021, Pershing Square Capital Management founder Bill Ackman described the flagship \u00aba purely speculative asset\u00bb<\/a>.<\/p>\n As noted, Carlyle Group co-founder David Rubenstein suggested that cryptocurrencies will remain part of the financial landscape<\/a> for many years. In his words, this new class of assets is not a fad that is destined to disappear.<\/p>\n Subscribe to ForkLog news on Telegram: ForkLog Feed<\/a> \u2014 the full feed of news, ForkLog<\/a> \u2014 the most important news, infographics and opinions.<\/p>\n","protected":false},"excerpt":{"rendered":" Co-founder of Magellan Financial Group, billionaire Hamish Douglas, called digital assets one of the greatest mass delusions in modern history.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[108,1269,1138],"class_list":["post-46347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-australia","tag-cryptocurrencies","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/46347","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=46347"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/46347\/revisions"}],"predecessor-version":[{"id":46348,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/46347\/revisions\/46348"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=46347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=46347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=46347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n