Billionaire John Paulson should put a few books on bitcoin on his fall reading list because bitcoin is here to stay, says Cathy Wood, founder of ARK Investments.
Paulson made billions betting against subprime mortgage bonds during the 2008 financial crisis, earning him the nickname "Wall Street sky God."
He said in a recent interview that cryptocurrencies "will ultimately prove worthless" and would not advise anyone to invest in them.
"I would say paulson has been a gold bug for most of his career.
"A lot of gold focused investors don't understand the concept of numbers associated with gold."
Paulson, like other cryptocurrency critics, misses several points, Wood said.
"We don't think he recognises that bitcoin is more than just a store of value or digital gold.
Bitcoin, in particular, is a new global monetary system.
It is a rules-based monetary policy, fully decentralized and therefore not subject to the whims of policymakers.
In fact, it's a hedge against the whims of policymakers, especially in emerging markets."
Wood hopes Paulson will switch sides like other financial titans.
She added: "I don't know how deeply John Paulson and some of the other naysayers have studied bitcoin, but I think they should change their minds.
Ray Dalio and Stanley Druckenmiller both converted.
At one point, these savvy investors thought bitcoin was a Ponzi scheme."
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source https://www.reddit.com/r/btc/comments/pppbfq/is_btc_the_future/
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