Cliff Asness, one of the most prominent hedge fund managers, Still skeptical of Bitcoin Despite the cryptocurrency's record high.

During a recent interview with CNBC, Asness suggested that the crypto king could be a “bubble,” arguing that it has no legitimate use case.

However, Asness said he would refrain from shorting cryptocurrencies due to their high volatility.

The American billionaire, whose personal net worth is estimated at $2.1 billion, has long been a skeptic of cryptocurrencies.

In 2021, Asness dismissed the idea of ​​following cryptocurrency trends as a quantitative trader.

“You know you can trade anything as a trend follower, and we didn't do that,” he said.

He said he was somewhat sarcastic that someone would come up with a “really good valuation model” to determine the right price for the largest cryptocurrency.

“I can't remember if I've mentioned this before, but has anyone noticed that Bitcoin and cryptocurrency backup singers are risky bubble assets? I feel like I have. If fake money could feel embarrassed, they would ," Asness chirp Following the FTX-triggered cryptocurrency market crash that occurred in the last quarter of 2022.

As reported by U.Today, JPMorgan CEO Jamie Dimon recently stated that he was “not comfortable” with Bitcoin, arguing that it was mainly being used for criminal activities such as money laundering.

Despite winning over influencers like BlackRock's Larry Fink and achieving broader institutional adoption, Bitcoin still has a long way to go until the more skeptical traditional finance players finally embrace it.