Outspoken hedge-fund manager Paul Singer offered perhaps his most withering assessment of cryptocurrencies to date, denouncing the technology and describing it as worse than a fraud.
“When the history is written, cryptocurrencies will likely be described as one of the most brilliant scams in history,” Singer said in a letter to clients dated January, which was first reported by Business Insider.
Singer, who founded hedge fund Elliott Management, said digital assets, which have ballooned in mainstream attention over the past months, represented “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.”