Aswath Damodaran, a professor of finance at Stern School of Business at New York University, has recently expressed skepticism regarding bitcoin’s potential and current status. He views it as a currency that nobody uses and a “collectible that doesn’t behave like a collectible.” He also opposed the theory that bitcoin could serve as a hedge against inflation, arguing that it is deeply correlated with equities.However, bitcoin has recently become more and more independent from traditional finance. Its correlation with the S&P 500 Index hit a two-year low of just 3%.Damodaran has not been quite constant when sharing his stance on bitcoin. He criticized it in July 2021, but made a U-turn one month later, classifying the asset as the investment tool that younger individuals would choose.TV personality Jim Cramer has also shifted from a crypto proponent to a fierce critic and back to a supporter several times over the years. He described bitcoin as a “great alternative” to gold in 2020 and later insisted on receiving his salary in BTC instead of fiat currency. Most recently, Cramer explained that he is not against the industry but opposes “BOGUS crypto and outfits” that defraud investors.
| Information |
Details |
| Geography |
Global |
| Countries |
|
| Sentiment |
neutral |
| Relevance Score |
9 |
| People |
Aswath Damodaran, Jim Cramer |
| Companies |
Stern School of Business at New York University, CryptoPotato, CNBC, Binance, PrimeXBT |
| Currencies |
Bitcoin, Ethereum, Gold, US Dollar, Indian Rupee |
| Securities |
None |
