“There may be some utility in crypto, but there’s no inherent value in it,” said former Vanguard Chief Executive Officer Jack Brennan in an interview Friday.
As someone with four decades of experience at Vanguard, a leading investment firm managing more than US$7 trillion in assets, Brennan draws on his knowledge of various bubbles of the past and his expertise as a self-professed fundamental investor.
“You need intrinsic value to inherently build something of great value – to build Amazon or Apple…when I think about investing, I think in decades.”
The crypto market was rocked by another wave of volatility over the last week, largely thanks to Tesla Inc. CEO Elon Musk, who first acknowledged on Saturday Night Live that Dogecoin is a “hustle” and later rattled nerves by abruptly announcing his company would stop accepting Bitcoin as payment for its vehicles.
“If you want to fool around over here, go for it. But serious money needs to be treated seriously, not in a speculative way,” cautioned Brennan.
Advertisement