The investor called the cryptocurrencies “a limited supply of nothing”, and Cream Finance was accused of an exit scam
American billionaire says digital currencies are “a limited supply of nothing”
An investor and trader who rose to prominence after the mortgage crisis in 2008, John Paulson, sees digital currency as a bubble. In his opinion, the crypto market “will ultimately turn out to be useless.” Paulson advised against investing in cryptocurrencies.
“Cryptocurrencies are a bubble. I would describe them as a limited supply of nothing. So to the extent there’s more demand than the limited supply, the price would go up. But to the extent the demand falls, then the price would go down. There’s no intrinsic value to any of the cryptocurrencies except that there’s a limited amount,” said Paulson.
Earlier, the chief investment strategist of Bank of America, Michael Hartnett, expressed the opinion that BTC is “the worst of the bubbles.” According to him, the rapid rise in the bitcoin rate is the result of speculative mania.
Cream Finance project accused of exit scam
Representatives of the Cream Finance cryptocurrency project announced that the platform was hacked and funds were stolen. However, participants in the digital asset market believe that this could be an exit scam. This is the project’s second attack this year.
Cream Finance claims that hackers have compromised the platform’s DeFi protocol security. According to preliminary data, criminals stole more than 418 thousand AMP tokens and 1.3 thousand ETH. Thus, there were stolen totaling $30 million of crypto assets.
However, the well-known crypto blogger Mr. Whale is convinced that this is not the case. On his Twitter page, he called Cream Finance’s announcement an excuse to cover up the exit scam.
Solana and Gnosis tokens rise in price
The cost of the native Solana token, according to CoinGecko data as of August 30, has risen above the $100 mark. Over the past 24 hours, the coin has risen in price by 4%.
The price of another token — Gnosis — this morning made a sharp jump to $418, having risen in price by 42%. After that, the price of the crypto coin began to decline. Gnosis is currently priced at $355.
Crypto industry participants associate the rise in the Gnosis rate with the launching of token trading on Binance. The altcoin is available in pairs with BTC, BNB, BUSD and USDT.