asset manager, Barclays, Bitcoin mining, fund manager, institutional investors, portfolio manager, tim bond, tim bond bitcoin

Tim Bond, a portfolio manager at Odey Asset Management, has warned that bitcoin is pointless, calling the cryptocurrency “a particularly vile asset class.†He claims that bitcoin has no real social utility other than as a tool for speculation and a means to launder the proceeds of crime.

Fund Manager Sees Bitcoin as a Vile Asset Class

Tim Bond, a partner and portfolio manager at Odey Asset Management, warned about bitcoin in a recent interview with Marketwatch. Established in 1991 by billionaire Crispin Odey, the firm currently has over $3 billion in funds under management.

Before joining Odey Asset Management in 2010, Bond spent 12 years at Barclays Capital as managing director and head of global asset allocation. He previously worked at Moore Capital as a portfolio strategist and spent 10 years as a strategist and trader for Tokai Bank Europe.

As the price of bitcoin hit all-time highs several times this month, Bond was quoted as saying:

Disclosing that neither he nor his company has any holding in bitcoin, the fund manager began by warning that “bitcoin has no real social utility other than as a tool for speculation and a means to launder the proceeds of crime,†the publication conveyed.

He then claimed that bitcoin could prevent society from functioning in an efficient and ethical manner, asserting that the cryptocurrency is an “extreme form of libertarian anarchism.â€

The Odey fund manager proceeded to talk about bitcoin mining, claiming that the activity “added CO2 emissions equivalent to the annual output of a medium-sized advanced economy.†In addition, Bond further opined that “as the bitcoin price rallies, so the mining activity will intensify, producing even higher levels of CO2 emissions,†elaborating:

What do you think about Tim Bond’s views on bitcoin? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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