Jim Chanos: Cryptocurrency is a speculation, not a technological breakthrough

Analyst Jim Chanos (Jim Chanos), founder and managing partner of Kynikos Associates LP, prognozirovanii the collapse of the us energy company Enron, believes that cryptocurrency is nothing more than speculation.

«This is just a speculative game that is being touted as a technological breakthrough in monetary policy», — said Chanos in an interview with the Institute for new economic thinking.

Chanos teaches a course on the history of financial fraud at Yale University and the University of Wisconsin. According to his own definition, based on the analysis of fraudulent schemes over the past 500 years, mania that arose around the cryptocurrency in the end of last year, corresponds to the «cycle of fraud».

«Those who believe that cryptocurrencies will serve a means of accumulation in case of Apocalypse or if the financial system collapses, they are very mistaken, because in this case it will be to cope with their problems even worse. It is best in this capacity will work for food», — said Chanos. «So the last thing I would like to have, if the system collapses – there will be bitcoin».

Also, according to Canosa, bitcoin is not an effective means of payment, enabling transfers without the involvement of third parties. the Only thing you can do with cryptocurrency is to get away from the surveillance state:

«The only value of cryptocurrencies is that they can help to escape from taxation or from other checks of their transactions, however, governments have learned to recognize».

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