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As Bitcoin tops 10,000 brokers have voiced their concerns for the first time. But if you are still planning on having a little bet on where the digital currency may go. You’d be sensible to have a look at what Vanguard founder and legendary investor Jack Bogle has to say.
You can read the original article on Bloomberg here of just glance through the superb quotes below to get the just:
“Avoid bitcoin like the plague. Did I make myself clear?” Bogle, founder of Vanguard Group Inc., said in response to an audience question at a Council on Foreign Relations event in New York Tuesday. The virtual currency has skyrocketed 945 percent this year, and has hovered near $10,000 this week.
“Bitcoin has no underlying rate of return,” said Bogle, 88, who started the first index fund in 1976. “You know bonds have an interest coupon, stocks have earnings and dividends, gold has nothing. There is nothing to support bitcoin except the hope that you will sell it to someone for more than you paid for it.”
It’s “crazy” to invest in the digital asset, he added. “Bitcoin may well go to $20,000 but that won’t prove I’m wrong. When it gets back to $100, we’ll talk.”
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