A notable asset manager who focuses primarily on gold had a harsh word for the cryptocurrency market craze this week: "garbage."
Speaking with Kitco.com, a precious metals news and data site, John Hathaway of Tocqueville Asset Management became the latest observer to brand the cryptocurrency market "a bubble." Others, including Bridgewater Associates founder Ray Dalio and fellow gold investor Peter Schiff, have also issued similar warnings.
For Hathaway, the question of whether the market is in bubble territory is a no-brainer, calling the current state of affairs "garbage" at the outset of the interview.
"It's an absolute bubble - there's no question in my mind that it's in a bubble," he told the site. As might be expected, he went on to compare the market's overall market capitalization - $126 billion at press time, according to CoinMarketCap - with the gold market.
"Sure you can make money in bubbles any time but you have to get out. Let's not forget that the total market value of these cryptocurrencies is $180 billion or so, maybe a little less now -that's tiny compared to gold."
He also took aim at the argument that gold markets are seeing less attention from investors because of cryptocurrencies, declaring the idea "baloney."
"It's just not true," he added.
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