A portfolio manager and partner of Odey Asset Management, Tim Bond, has recently spoken about Bitcoin during an interview with Marketwatch. Odey Asset Management was created in 1991 by billionaire Crispin Odey, and it owns more than $3 billion in funds under management.
Just as Bitcoin reached a new ATH, Bond declared:
“To my mind, bitcoin is a particularly vile asset class. If bitcoin starts to displace fiat currencies, governments’ ability to tax, spend and redistribute will be severely impaired.”
Bond revealed that neither he nor the company are holding any Bitcoin as “bitcoin has no real social utility other than as a tool for speculation and a means to launder the proceeds of crime.”
If you thought that was a stretch, Bond also believes that Bitcoin may stop society from functioning in an efficient and ethical manner, being quoted as saying the cryptocurrency is just an “extreme form of libertarian anarchism.”
He also criticized crypto mining saying that it “added CO2 emissions equivalent to the annual output of a medium-sized advanced economy.” Bond continued by saying “as the bitcoin price rallies, so the mining activity will intensify, producing even higher levels of CO2 emissions. It is difficult to think of any other human activity that is simultaneously quite so pointless and quite so damaging to the planet.”
Of course, Bond’s opinions are full of flaws, as many people on Twitter told him. One Twitter user wrote that “This guy is just now catching up and freaking out. Every argument he makes was debunked 5 years ago,” while another wrote “Worst understanding and highest ignorance reward on bitcoin today goes to Tim Bond from Odey Asset Management. Do some more research please before making a fool of yourself.