Clifford Asness on Bitcoin

Clifford Asness, co-founder of AQR Capital Management, has stated that he is not a fan of Bitcoin but stops short of calling it a scam.

As reported by U.Today, during a Bloomberg interview, the hedge fund manager expressed skepticism about Bitcoin, arguing it lacks a viable use case and suggested it could be a bubble. In February, he noted that Bitcoin and the S&P 500 are essentially the same, differing only in volatility.

“I’m not sure about the mechanics of the correlation (where it comes from) but it’s been there and quite strong and consistent for the last few months. Which just makes me laugh,” he said.

Asness also dismissed the notion that Bitcoin should be considered a store of value simply because of its limited supply, stating, “That’s not how things work.”

Criticism of GameStop’s Bitcoin Move

In a recent social media post, Asness criticized GameStop’s decision to pivot towards Bitcoin, pointing out its $1.3 billion convertible note offering aimed at purchasing Bitcoin. He quipped, “The scams are uniting. If you think about it, this really had to happen.”

Additionally, he condemned the concept of establishing a strategic Bitcoin reserve, calling it “ridiculous.”