Paul Singer, founder of $23.3 billion Elliott Management Corp so he knows a thing or two about investing. As such, it was interesting that he told investors he was “shocked” by the virtual currency Bitcoin’s popularity and skeptical of its long-term prospects, according to a quarterly letter sent this week.
Mr. Singer wrote “There is no more reason to believe that Bitcoin will stand the test of time than that governments will protect the value of government-created money, although Bitcoin is newer and we always look at babies with hope"
Singer went on to champion Gold by saying “Gold is out of fashion, but we think the explanation for why it has been drifting down is not compelling. The economy seems stuck in the doldrums, but most so-called ‘experts’ have been changing their minds almost weekly about when they think the economy will finally begin a long-term acceleration to the upside,”.
More @: WSJ
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