Richard Turnill, Chief Investment Strategist for BlackRock, the world’s largest asset manager, stated that he doesn’t know where to gauge the “fair” value of bitcoin.
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“The main argument for buying them is that prices have risen and are therefore going to continue to rise over time. But there’s no inherent right or wrong price for bitcoin. You could say, ‘What’s the fair value?’ You know: ‘I’m an investor; I like to think about the fair value of stocks of bonds.’ I can’t answer what’s the fair value for bitcoin or any cryptocurrency. For that reason, I’m not an owner,” said Turnill.
Turnill has voiced his apprehension toward bitcoin in the past.
In July, he denoted the cryptocurrency market as “scary.”
“I look at the charts, and to me that looks pretty scary,” Turnill said at a media briefing in New York.
Despite his fear towards bitcoin, Turnill praised the underpinning blockchain technology, claiming the technology is expected to be increasingly applied.