Famous gold investor: Cryptocurrency is a pile of "garbage"

A prominent gold asset manager has issued a scathing comment on the recent cryptocurrency market frenzy: “Crypto is garbage.”

Speaking to precious metals news and data website Kitco.com, John Hathaway of Tocqueville Asset Management became the latest observer to call the cryptocurrency market a “bubble.” Others, including Ray Dalio, founder of the world’s largest hedge fund Bridgewater Associates, and fellow gold investor Peter Schiff, have issued similar warnings.

For Hathway, it takes a fool to know whether this market is in a bubble, and he called the current situation "garbage" in an interview.

“It’s definitely a bubble — there’s no doubt about it in my mind,” he told the site. As expected, he went on to compare the market value of gold to the cryptocurrency market cap — which stands at $126 billion at press time.

Hathaway believes:

“Of course, you can always make money in a bubble, but you have to be able to get out of it. Let’s forget the $180 billion market cap of the crypto market (maybe it’s lower now), it’s peanuts compared to gold.

He also took aim at the idea that the gold market is seeing less investor attention because of cryptocurrencies, which he called “bullshit.”

He also said:

“That’s not true.”