Bitcoin was trading 0.60% lower on Monday morning with a price above $48,000.
The price was around $48,204 per coin, while rivals Ethereum and Dogecoin were trading around $3,203 (-0.21%) and 28 cents (+0.46%) per coin, respectively, according to Coindesk.
Hedge fund billionaire John Paulson, who made a fortune in 2008 when he shorted the housing bubble, said in an interview published Sunday that he believes cryptocurrencies will eventually go bust.
Paulson, 65, told “Bloomberg Wealth with David Rubenstein” he wouldn’t recommend the investment to anyone. He said there is a cryptocurrency bubble that will “eventually prove to be worthless.”
“I would describe them as a limited supply of nothing,” he said. “So to the extent there’s more demand than the limited supply, the price would go up. But to the extent the demand falls, then the price would go down. There’s no intrinsic value to any of the cryptocurrencies except that there’s a limited amount.”
In other cryptocurrency news, Solana’s SOL token has grown into one of the biggest cryptocurrencies by market value, thanks to growing institutional interest and the boom in non-fungible tokens (NFTs) and decentralized finance (DeFi), Coindesk reported.
At $93, the token’s market capitalization stands at $26.86 billion, or the ninth-largest in the crypto markets and ahead of polkadot’s $25.7 billion, per data source Messari. The cryptocurrency’s price hit a record high of $96 early Sunday and has more than doubled since Aug. 15.