Warren Buffett disciple Joel Greenblatt doesn’t own bitcoin because he believes there’s no intelligent way to value it – and has no FOMO about that

Warren Buffett disciple Joel Greenblatt doesn’t own bitcoin because he believes there’s no intelligent way to value it

Joel Greenblatt, a veteran investor, has never bought any Bitcoin because he doesn’t believe there’s an intelligent way of valuing the cryptocurrency.

In a Tuesday episode, Gotham Asset Management’s co-CIO stated that Bitcoin is not going to earn any money.

“It’s speculation to me. It is not something I can value. He said that he was not saying that people will make money by speculating on bitcoin or gold.

It’s not an investment for me because it’s too expensive. It does not have any intrinsic value. It does not earn any income.

Greenblatt is well-known for providing seed capital to Michael Burry, the ‘Big Short’ investor, to launch Scion Capital. Between 1985 and 1994, when he was managing Gotham Capital, he averaged annual return of 50%. Greenblatt attributes his success to the investing strategies of Warren Buffett, Ben Graham and others.

Berkshire Hathaway CEO Buffett has criticised bitcoin, calling it ‘rat poison squared and’ and saying that it ‘doesn’t produce anything’.

Greenblatt, value-investment guru, said that he was wrong to believe bitcoin would ever reach the dizzying heights it has. He said that he is committed to sticking with what he knows.

Bitcoin reached $47,000 at the peak of its trading. This was due to bullish market sentiment and a wider rally in global asset prices. This is believed to be the start of a strong bullish market.

Greenblatt stated that he doesn’t feel guilty about it and added that he felt disciplined for not participating in the crypto craze.

‘And of course, you’re gonna miss thousands of things that you woulda-coulda-shoulda bought. If you focus on the things you are working on and they succeed, this is what you need to do.

Greenblatt doesn’t appear to be an active investor in bitcoin, but his opinion about the most popular cryptocurrency is positive.

“People have tried making a case for me about the different uses of bitcoin or why I should remain,” he said. He said that he couldn’t be dismissed.

“I’m saying, “Gee, this is so hard for me to understand.” It’s impossible to predict if it will go higher or lower.

He said that bitcoin can be compared to high-end art and that some pieces may not be as valuable in the future.

He said, “It’s all in the eye of one’s eyes.”

According to data from coinGecko, Bitcoin is still 31% below its November record of $69,000.

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