Jean-Pierre Verster, the founding father of a South African hedge fund Protea Capital Administration, has mentioned he doesn’t imagine there may be “intrinsic worth” in cryptocurrencies. He insists that cryptocurrencies have “parts of a Ponzi scheme” and for that purpose, he has not invested in them.
A ‘Great Know-how’
In remarks made throughout an interview, Verster nevertheless seems to undertake a stance on blockchain expertise that’s just like that of cryptocurrency opponents. He defined:
I feel the expertise of blockchain is a superb expertise. And can discover purposes in terms of having open ledgers – in terms of transactions that you should make certain are captured someplace or recorded someplace in a approach that individuals can’t after the info – fiddle with these recordings. For that blockchain is nice.
Though he factors to overseas alternate restrictions and hyperinflation as a number of the respectable components that contribute to the recognition of cryptocurrencies, Verster nonetheless assaults “the appliance of blockchain into cryptocurrency.”
He additionally warns of an inevitable crash ought to all of the individuals who wished to get entangled within the currencies lastly achieve this. Verster defined additional:
So it’s got these parts of a Ponzi scheme, which implies that for a protracted time frame, costs go up, go up, and it appears like worth will increase, after which all of it comes crashing down. So I’ve not invested in crypto myself.
These newest anti-crypto feedback by Verster — who additionally confesses that he’s no crypto bull — are a reiteration of his disdain for kinds of investments that make him “dependant on what the opposite particular person thinks the asset is value.”
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