On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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:
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.
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.”
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:
It is difficult to think of any other human activity that is simultaneously quite so pointless and quite so damaging to the planet.
What do you think about Tim Bond’s views on bitcoin? Let us know in the comments section below.
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