Gold Investor John Hathaway: Cryptocurrencies Are 'Garbage'

A notable asset manager who focuses primarily on gold had a harsh word for the cryptocurrency market craze this week: "garbage."

AccessTimeIconSep 21, 2017 at 5:15 p.m. UTC
Updated Sep 14, 2021 at 1:56 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

A notable asset manager who focuses primarily on gold had a harsh word for the cryptocurrency market craze this week: "garbage."

Speaking with, 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.

Hathaway argued:

"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.

Image via YouTube


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.