Marks said:
"In my view, digital currencies are nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it."
Marks is famous for his investor memos, ones that have seen him predict the recent financial crisis and the dotcom bubble implosion.
Cryptocurrencies have drawn in some big names recently, including Rothschild Investment Corp. and other bug hedge and investment funds. The growth of Ethereum is up more than 2,300 percent year to date, while Bitcoin is up nearly 160 percent this year; the sort of numbers that are hard to ignore for investors.
Source cointelegraph
