JP Morgan CEO Jamie Dimon this week once again said he believes bitcoin is "worthless." But William Quigley, cryptocurrency and blockchain investor and co-founder of WAX and Tether, thinks those comments are based more on Dimon looking at bitcoin as a currency rather than the actual investing merits of cryptos.
Dimon is "probably right that bitcoin is not useful for payments," Quigley said on CNN Business' Market Now live stream Wednesday, "but it is useful for lots of other things."
Quigley pointed to the underlying blockchain technology that bitcoin relies on, which is proving increasingly useful "for commercial purposes and for consumers," he said.
More importantly, over the past decade, the only asset class that's performed better than bitcoin is the US stock market, which has churned out positive returns in ten of the past 11 years, Quigley said. Bitcoin has been in the green in nine of those years, he added.
Despite the positive returns, Quigley cautioned that investors should keep no more than 5% of their portfolios in cryptocurrencies and —crucially — be prepared to maintain "a holding period of no less than five years."
So although cryptos have been wildly volatile in day to day trading, Quigley said, "on an annual basis, bitcoin has been a quite reliable investment."
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