Old Time Investor tells CNBC: "I don't understand what's behind bitcoin."
Mark Howard, who CNBC describes as a "legendary value investor on Wall Street," says he doesn't understand Bitcoin ... at all.
I know Steemians will have a field day with this ...
From CNBC:
Marks told CNBC's "Halftime Report" on Thursday that's because he doesn't understand what is the actual value of bitcoin.
"It's not a medium of exchange, it's a medium of trading, so I can't see any intrinsic value," Marks said. "I don't understand what's behind bitcoin."
"For me, there is only one kind of investing: When you look at something, you don't think, 'Is it going up or down tomorrow?' ... You say, 'What is the intrinsic value?' and then you say, 'Can I buy it for less?'" Marks added. "There is no intrinsic value in bitcoin."
"Maybe I'm just too old and too much of a dinosaur to understand bitcoin," Marks said jokingly.
In a memo last month Marks compared cryptocurrencies with the Tulip mania of 1637, the South Sea bubble of 1720 and the internet bubble of 1999.
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Of course he doesn't. Not gonna laugh at the guy, at least he admits it.
Does he even know about the technologies that cryptocurrencies has allowed ??? Yes, he is a dinosaur.. And even dinosaurs could be able to see the future of crypto money ! This guy is just dumb.