Billionaire John Paulson: Cryptocurrencies are a bubble

Billionaire John Paulson, who made a name for himself shorting the subprime housing market headed into the financial crisis, now says that "cryptocurrencies are a bubble," though shorting the asset class is difficult because of its volatility. In an interview with Bloomberg that aired over the weekend, Paulson pointed to gold as a better investment, arguing that it does well during times of inflation. He asserted that the limited supply of gold creates a scenario where the precious metal can "go parabolic" if inflation drives a stampede into the asset class. On crypto, Paulson acknowledged that assets like Bitcoin (BTC-USD) also had a limited supply, but he contended that a lack of underlying value meant the bottom could drop out of the market if demand disappears. "I would describe cryptocurrencies as a limited supply of nothing," he said. "There's no intrinsic value to any of the cryptocurrencies, except that there's