Cryptocurrencies like bitcoin can make an attractive investment for many people on Wall Street. But famed financial analyst Gary Shilling, president of A. Gary Shilling & Company says that this emerging currency is too opaque and complicated for him to invest. The following is a transcript of the video.
It's a black box and I'm not a believer in black boxes. I recently met with a friend of mine, a West Coast venture capitalist. He was very early on this. He's made a lot of money on this and so on. I cornered him at a cocktail party and I said:
"Now listen, I want you to explain to me what this really is."
"Well you know, ok it's a controlled deal and these minters. There's only so many of them."