Hedge fund manager Kyle Bass exactly took sides in the raging combat over the feasibility of the cryptocurrency market.
Calling many of the dozens of initial silver furnishes that have taken place this year “frauds,” the Hayman Capital Management founder urged in a Bloomberg Television interview that investors will face steep losses.
” A whole cluster of parties are going to lose a lot of coin, ” Bass said in an interview with Erik Schatzker.” These ICOs — you’re going to see a bunch of them extend completely broke. A assortment of them are frauds, and that is going to be questionable for all the people that really raced in .”
So far this year, more than$ 2 billion has spurted into ICOs — which tolerate cryptocurrency startups to conjure stores by issuing their own clues — according to Coinschedule.com.
Once the “gold rush” resolves down, Bass said, cryptocurrencies could be a viable asset class. For now, though,” it is a bit of a mania .”