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Bitcoin is a "farce"- Amundi CIO

Published 03/06/2021, 12:20
Updated 03/06/2021, 12:25
© Reuters. FILE PHOTO: Representations of the virtual currency Bitcoin stand on a motherboard in this picture illustration taken May 20, 2021. REUTERS/Dado Ruvic/File Photo

© Reuters. FILE PHOTO: Representations of the virtual currency Bitcoin stand on a motherboard in this picture illustration taken May 20, 2021. REUTERS/Dado Ruvic/File Photo

LONDON (Reuters) - Cryptocurrencies such as bitcoin are a "farce" and a symptom of bubbles forming in financial markets, Amundi chief investment officer Pascal Blanque said on Thursday.

Bitcoin, trading at around $39,364, fell 35% last month after China doubled down on efforts to prevent speculative and financial risks by cracking down on mining and trading of the largest cryptocurrency.

Speaking at a news conference, Blanque described the crypto currency as a "farce," adding that it was a symptom of the bubbles forming in markets.

© Reuters. FILE PHOTO: Representations of the virtual currency Bitcoin stand on a motherboard in this picture illustration taken May 20, 2021. REUTERS/Dado Ruvic/File Photo

"Bitcoin will be remembered for pushing central banks to adopt digital money," he said, adding that governments and regulators will ultimately "stop the music."

Blanque said that it was much more important for investors to increase their exposure to the renminbi, China's currency, then diversify into crypto currencies.

Latest comments

Goverment can s u c k my lund
Not investing in Chinas currency as it is not a freely traded currency; the chinese central bank controls its value to benefit its exports !
Totally agree
Another conceptually challenged fiat puppet.
when to the top. Bullish BTC. Done.
He's probably pulling an Elon Musk...so that he can buy when it falls.
he is part of the establishment... so no wonder... those lads do not like a real freedom!
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