Terry Smith: Investing In Bitcoin Is Greater Fool Theory

Earlier this year in his Annual Shareholder Meeting, Terry Smith was asked about his thoughts on investing in Bitcoin. Here’s an excerpt from the meeting:

Smith: When I think about investing in Bitcoin, it’s not investing it’s speculating. It’s playing greater fool theory at the moment. Can I buy some at fifty two thousand dollars or whatever it is and sell it on to Julian Robbins at fifty five thousand dollars is really what’s being played here. Not I’ve got a view of what the intrinsic worth of Bitcoin is and it’s more than fifty two thousand dollars, that’s not the game.

You can watch the entire meeting here: