AQR Capital co-founder: Unless BTC has a clear real-world use, it's just a bubble

Odaily Planet Daily AQR Capital Management co-founder Cliff Asness referred to BTC as a speculative bubble, still skeptical about the long-term value of BTC because he believes that besides speculation and illegal activities, BTC does not have a clear practical use. Asness said on CNBC’s Money Movers show: “I stand on the side of the bubble. From what I see on the internet, to get me to change this view, what you really need is not price changes, but a use case. This can convince me, that when I find it has any use other than speculation and crime, I may be more inclined to cryptocurrencies.”

He believes that cryptocurrencies have three main functions: speculative trading, for use in conflict areas, and for ransom payments on the network. Despite his bearish view on BTC, he acknowledges the challenges of shorting, citing the extreme volatility of BTC and the risks associated with concentrated short positions.