Paulson says cryptocurrencies will eventually be 'worthless'

Cryptos Eventually 'Worthless'

Gold last traded at $1,809 an ounce. Silver at $23.89 an ounce.

NEWS SUMMARY: Precious metal prices inched higher Thursday on safe haven buying and a weaker dollar. U.S. stocks rose after weekly jobless claims came in slightly better than expected.

Fox Business--"John Paulson, the hedge fund billionaire who made a fortune in 2008 when he shorted the housing bubble, said in an interview published Sunday that he believes cryptocurrencies will eventually go bust.

The 65-year-old told 'Bloomberg Wealth with David Rubenstein' that he wouldn't recommend the investment to anyone. He said there is a cryptocurrency bubble that will 'eventually prove to be worthless.'

'I would describe them as a limited supply of nothing,' he said. '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.'

The Bloomberg report pointed out that Paulson is a big believer - and buyer - of gold despite digital assets outperforming the metal."