Bruce Flatt, chief executive officer of Brookfield Asset Management Inc., says bitcoin has no intrinsic value and doesn’t interest Canada’s largest alternative asset manager.
Brookfield’s definition of “intrinsic value” is based on an asset’s cash flow or the ability to convert the asset into a cash-flow stream, Flatt said.
“There are some assets in the world that don’t fit that characteristic,” Flatt said in an interview Monday with Bloomberg News in Abu Dhabi. “We don’t qualify them as assets. Therefore, bitcoin would be one of those.”
“It has no intrinsic value,” Flatt said. “I don’t know what it is. But it has no intrinsic value in our definition of intrinsic value. If someone else wants to speculate on it or invest in it, it’s for them. It’s not for us.”
Eulogy made by Bruce Flatt