Cliff Asness, a well-known investor and founder of AQR Capital Management, recently questioned the idea that cryptocurrencies are a safe investment during uncertain times, like gold is often considered to be.
The experienced investor believes cryptocurrency is behaving similarly to a typical tech stock right now.
Cliff Asness has observed that Bitcoin is currently moving in tandem with the stock market, meaning when the S&P 500 falls, Bitcoin tends to fall as well.
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Honestly, right now, crypto isn’t feeling like a safe place to store my money or a way to balance out my portfolio. It’s acting more like a risky investment, which it has been lately, though that hasn’t *always* been the case.
A long-time critic
Asness believes Bitcoin is essentially valueless and often criticizes the notion that a digital-only currency could be worth more than all other assets combined.
He strongly disagrees with the idea that Bitcoin significantly impacts the stock market, seeing it simply as a risky investment like many others.
He’s also criticized the idea of “Bitcoin yield,” a measure made popular by Michael Saylor of MicroStrategy. Saylor uses it to compare how much Bitcoin a company holds to its stock, but this person argues it’s not a real measure of profit or overall investment return.
He strongly dislikes the metric system, and jokingly says that whenever anyone uses the term, something terrible happens – like an angel losing its wings.
While I’m not a fan of Bitcoin itself, my biggest concerns actually lie with Michael Saylor’s approach at MicroStrategy. Specifically, I’m worried about the significant price difference – the premium – that MicroStrategy’s stock currently holds.
He believes MicroStrategy operating like a Bitcoin fund with a market value twice its net asset value is foolish and a clear sign that the market isn’t working properly.
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2026-03-23 20:09