Billionaire Who Predicted 2008 Housing Crash Says Bitcoin Is “Worthless”

“Bitcoin is a bubble” is something that has been thrown around a lot ever since the last bull run began in 2017. A lot of prominent personalities in the finance industry took this stand when the digital asset hit its then all-time high of $19K. The bear market that followed seemed to validate this for the next few years. Then the bull run of 2020 started and a lot of those sentiments were put on the back burner. But now, John Paulson has come to hit the market with the same thing. Related Reading | Here’s How Much Your $1,200 Stimulus Check Would Be Worth In Various Cryptocurrencies In 2021 Over a decade ago, billionaire John Paulson had bet against the housing market. Paulson had reportedly made his fortune from carefully placed bets against the housing market in 2007. The billionaire had used credit default swaps to bet against the housing market, which looked to be in its subprime. By 2010, Paulson himself had made $4.9 billion from his bet. The complete total Paulson made for himself and his clients from shorting the market in 2007 came out to about $20 billion, making it one of the biggest fortunes ever made in the history of Wall Street. Bitcoin Has No Intrinsic Value Paulson was on Bloomberg’s Wealth with David Rubenstein to talk about trading and financial markets. Paulson remained bullish on gold, as he has been for a number of years now, which he believed is coming into its moment. The billionaire although had n...