Credit Suisse CEO: Bitcoin the ‘Very Definition of a Bubble’

5. November 2017.

Credit Suisse CEO: Bitcoin the ‘Very Definition of a Bubble’

You can count Credit Suisse CEO Tidjane Thiam among those who think bitcoin is in a bubble.

At a press conference today, the New York Times reports, the bank chief called bitcoin’s anonymity a “challenge,” before going on to say:

“From what we can identify, the only reason today to buy or sell bitcoin is to make money, which is the very definition of speculation and the very definition of a bubble.”

Criminal use of bitcoin is also a factor that goes against the cryptocurrency, he went on, arguing that banks “have little or no appetite to get involved in a currency which has such anti-money laundering challenges.”

Thiam joins a growing list of financial industry names who have come out against the digital currency. Last week, billionaire investor Warren Buffett was the most recent to say bitcoin was in a bubble. He echoed Bridgewater Associates founder Ray Dalio, who expressed the same sentiment to CNBC in September.

At the time, Dalio noted that the speculation and volatility around bitcoin prevented it, in his eyes, from being an effective store of wealth.

While all over the news currently with its meteoric price gains, Thiam added that he expects interest in bitcoin to subside.

Tidjane Thiam image via Credit Suisse/Flickr

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Published at Thu, 02 Nov 2017 16:35:27 +0000

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