AQR Capital Co-Founder Questions Bitcoin's Long-Term Value

According to Odaily, AQR Capital Management co-founder Cliff Asness has expressed skepticism about Bitcoin's long-term value, labeling it as a speculative bubble. Asness shared his views on CNBC's Money Movers, stating that Bitcoin lacks a clear practical use beyond speculation and illegal activities. He emphasized that a convincing use case, beyond speculation and crime, is necessary to change his perspective on cryptocurrencies. Asness identified three primary functions of cryptocurrencies: speculative trading, use in conflict zones, and as a means for ransom payments. Despite his bearish outlook on Bitcoin, he acknowledged the challenges of shorting it due to its high volatility and the risks associated with concentrated short positions.