Exec of $5.1 Trln Investment Firm Makes Tired Comparison of Crypto to Tulips

The global chief economist of a major investment firm has criticized cryptocurrencies in an op-ed on investment fund news site ETF.com published yesterday, May 21.

Joe Davis, the global chief economist and global head of Vanguard Investment Strategy Group, stated that while blockchain technology shows promise, the rise of cryptocurrencies can be compared to the Netherlands’ 17th century “tulip mania,” a classic example of a bubble market.

Davis, whose firm manages a reported $5.1 trillion in assets globally as of this January, began the piece by remarking on his enthusiasm for blockchain technology.

Reference: https://cointelegraph.com/news/chief-economist-of-major-investment-firm-makes-tired-comparison-of-crypto-to-tulips

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