CRYPTOCURRENCIES ‘A FARCE’
Cryptocurrencies corresponding to Bitcoin are a “farce” and a symptom of bubbles forming in monetary markets, Amundi chief funding officer Pascal Blanque mentioned on Thursday.
Bitcoin, buying and selling at round $39,364, fell 35% final month after China doubled down on efforts to stop speculative and monetary dangers by cracking down on mining and buying and selling of the most important cryptocurrency.
Talking at a information convention, Blanque described the cryptocurrency as a “farce,” including that it was a symptom of the bubbles forming in markets.
“Bitcoin might be remembered for pushing central banks to undertake digital cash,” he mentioned, including that governments and regulators will finally “cease the music.”
Blanque mentioned that it was way more necessary for traders to extend their publicity to the renminbi, China’s foreign money, then diversify into cryptocurrencies.