Michael Glennon, CEO of Glennon Capital, believes there's no real value in cryptocurrencies because it isn't accepted by the utilities and companies that he knows.
author by Miguel Gomez , 15 January
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Among all the developments taking place in the cryptocurrency world in 2017, we often found people who refuse to give the space any credibility.
Among them is Glennon Capital CEO Michael Glennon, who got tired of hearing about Bitcoin through 2017.
“Let me be clear. I’m bored of Bitcoin already. I’m bored with the influx of LinkedIn requests I’m getting from cryptocurrency traders I have never met and I’m bored of explaining how useless all cryptocurrencies are and how you’re better to actually buy real businesses that make real profits. But 2017 felt like the year that everyone I knew was asking me about Bitcoin,” he wrote in the Australian Financial Review.
Glennon said he would stop believing that Bitcoin is a “quasi-Ponzi scheme” with “no value” when he started seeing “retailers accepting Bitcoin or utility companies accepting it.”
It is somewhat of a strange statement to make considering that Microsoft—despite last week’s kerfuffle over the status of Bitcoin as a payment option—accepts the cryptocurrency for product purchases from its digital store.
“So here’s my answer to anyone who asks me what to do about Bitcoin: lock in your profits and think yourself lucky that you have made a profit in the greatest bubble in recent times. Then go and put your money into a real business that makes money,” Glennon continued.
His statements come as Australia’s exchanges have begun slowly expanding, making the concept of cryptocurrencies more mainstream in the country.
It won’t be long before Aussie companies start thinking about doing business with these alternative forms of money.
Although Australia’s central bank has gone on record saying that it wants to keep a close eye on cryptocurrencies, it doesn’t seem intent on cracking down on the phenomenon to the extent South Korea and China have.
Concluding his statement, Glennon semi-admits that he has a bit of a simplistic perspective with regard to Bitcoin’s value:
“I own a handful of businesses that I know well. They are real businesses that make cash profits. I can’t understand buying something that cannot be used anywhere,” he wrote.