From Nasdaq:

Economist David Rosenberg, president of Rosenberg Research, dismissed cryptocurrencies like Bitcoin as gambling rather than sound investing. He compared traditional investments like stocks, bonds, and commodities to cryptos’ volatile and speculative nature, contending they mimic the “greater fool” theory. Rosenberg’s critique follows recent approval of spot Bitcoin ETFs by U.S. regulators and his long-standing skepticism towards Bitcoin.

Rosenberg reiterated his stance that Bitcoin is a speculative asset with little intrinsic value. He also questioned the need for its extreme volatility. His criticism comes as U.S. regulators give the green light to a number of spot Bitcoin ETFs. This isn’t the first time Rosenberg has called Bitcoin a speculative asset, as he did so in 2020 as well. His comments also come amid Bitcoin’s recent volatility and its price plunge from a two-year peak of $49,000 to $44,000 last week.

Edward Jones’ senior investment strategist, Mona Mahajan, said that the Bitcoin ETF is great for risk-tolerance portfolios, comparing it to a speculative basket and suggesting it as a place to put lottery ticket money. As of writing, BTC was trading at $42,837, up 0.59% in the last 24 hours, according to Benzinga Pro. Support local journalism with this subscription offer.



Read more: David Rosenberg Takes Another Swipe At Bitcoin: ‘You Want To Get Rich…Barbell Your Holdings With Lottery Tickets’