Hedge Fund Heavyweight Doubles Down on Bitcoin Criticism
Cliff Asness, the outspoken founder of AQR Capital Management, isn’t backing down from his skepticism of Bitcoin. In a recent post on X (formerly Twitter), he took another swing at crypto supporters, this time labeling them as “Ponzi cultists.” Strong words, sure—but then again, Asness has never been one to mince his thoughts.
The comment came as he jumped to the defense of Jim Chanos, the well-known short-seller who’s been butting heads with the Bitcoin crowd lately. Asness called Chanos “one of the GOATs,” which, in finance speak, is high praise. Chanos has been making waves with his bearish stance on MicroStrategy (MSTR), the company that’s gone all-in on Bitcoin.
Chanos’ Unusual Bet
Here’s where things get a little strange. Chanos recently admitted he’s shorting MicroStrategy’s stock—no surprise there—but he’s also buying Bitcoin directly as a hedge. That’s an odd move, considering MicroStrategy is basically a Bitcoin proxy at this point. His argument? He thinks investors are paying too much for the “corporate-wrapped” version of Bitcoin when they could just own the real thing.
Chanos hasn’t held back in his criticism of MicroStrategy’s co-founder, Michael Saylor, either. He’s accused Saylor of pushing “financial gibberish” and betting that the gap between MicroStrategy’s stock price and its actual Bitcoin holdings will eventually narrow. Earlier today, Chanos even pointed to insider sales at the company, suggesting—without outright saying it—that Saylor himself might be cashing out.
Asness’ Love-Hate Relationship With Bitcoin
Asness has been lukewarm on Bitcoin for a while. He’s called it a potential bubble in the past, though he’s stopped short of labeling it an outright scam. That’s a small concession, I guess, but not exactly a ringing endorsement.
What’s more interesting is how he’s framed Bitcoin in the past. At one point, he argued that Bitcoin and the S&P 500 were essentially the same thing—just with wildly different levels of volatility. It’s a take that’s either brilliantly simple or overly simplistic, depending on who you ask.
For now, the back-and-forth between traditional finance heavyweights and the crypto world shows no signs of slowing down. And honestly? It’s hard to say who’s winning the argument. Maybe nobody is. Or maybe both sides are talking past each other entirely. Either way, it’s not boring.
