Tocqueville's Chairman John Hathaway doesn't mince words when it comes to talking bitcoin.
When we asked about the cryptocurrency craze, Hathaway, manager of the $1.2 billion Tocqueville gold fund, simply said, "garbage."
"It's an absolute bubble -there's no question in my mind that it's in a bubble," he said on the sidelines of the precious metals summit in Beaver Creek, Colorado.
Since the start of the year, bitcoin has rallied over 300% and is currently trading over $3,800.
"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."
In a recent talk, Allianz' chief economic adviser, Mohamed El-Erian told TheStreet that the recent interest in the cryptocurrencies is taking away from a gold rally. Other experts have echoed the same concerns.
Hathaway thinks otherwise.
"The idea that cryptocurrencies have somehow diverted interest in gold is baloney, it's just not true."
El-Erian on Bitcoin.
This expert take on Bitcoin is brought to you by www.kitco.com.
More of What's Trending on TheStreet:
- PayPal's Stock Has Blown Away Facebook and Google This Year for One Big Reason
- Microsoft's New Xbox One X Shows It's Done Trying to Please Everyone
- How to Invest Like Billionaire Warren Buffett
- A 401(k) Loan Is a Terrible Idea Until It Isn't
Editors' pick: Originally published Sept. 21.