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Andrew Left, the activist short-seller behind Citron Research, thinks both bitcoin and Ether, the cryptocurrency of the Ethereum network, are “bubbles.” If he had to choose one, he’d bet on ether’s price to fall.

Left has taken aim at other investments related to cryptocurrency in the past, but he says that each had an “individual reason”. He acknowledges the appeal of a decentralized asset or a kind of digital gold, commenting: “I dig it.”

He’s not so sure that bitcoin will win out, but as mentioned before, he would gladly short the second-largest cryptocurrency by value. In his view, ether bulls use a “circular argument” – that is, “it’ll go up because it’ll go up.”

“I think both are bubbles,” he said of bitcoin and ether, but “if I were going to be wrong about one of these, it would be bitcoin.”

Left has been shorting stocks full-time since for the last 17 years, and says he’s made money every year. Short sellers profit when the price of a stock falls; they accomplish this by borrowing shares, selling them, and buying them back later to return to the original owner.

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