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Gold Investor John Hathaway: Cryptocurrencies Are 'Garbage'
A notable asset manager who focuses primarily on gold had a harsh word for the cryptocurrency market craze this week: "garbage."
Por Stan Higgins
A notable asset manager who focuses primarily on gold had a harsh word for the cryptocurrency market craze this week: "garbage."
Speaking with Kitco.com, a precious metals news and data site, John Hathaway of Tocqueville Asset Management became the latest observer to brand the cryptocurrency market "a bubble." Others, including Bridgewater Associates founder Ray Dalio and fellow gold investor Peter Schiff, have also issued similar warnings.
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For Hathaway, the question of whether the market is in bubble territory is a no-brainer, calling the current state of affairs "garbage" at the outset of the interview.
"It's an absolute bubble – there's no question in my mind that it's in a bubble," he told the site. As might be expected, he went on to compare the market's overall market capitalization – $126 billion at press time, according to CoinMarketCap – with the gold market.
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Hathaway argued:
"Sure you can make money in bubbles any time but you have to get out. Let's not forget that the total market value of these cryptocurrencies is $180 billion or so, maybe a little less now -that's tiny compared to gold."
He also took aim at the argument that gold markets are seeing less attention from investors because of cryptocurrencies, declaring the idea "baloney."
"It's just not true," he added.
Image via YouTube
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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