Bitcoin and other cryptocurrencies are a “farce” and a symptom of financial bubbles forming in the markets, said Pascal Blanque, chief investment officer (CIO) at Amundi.
Reuters reports that Blanque said at the news conference on Thursday, cryptocurrency regulators will ultimately “stop the music” and be forced to end the party.
In a recent research report, Amundi CIO declared cryptocurrencies “cannot be considered a form of money as they are neither a proven store of value nor a recognized unit of account and even less a universal means of payment.”
But in the report, the asset manager said as well that a “fully decentralized and disintermediated cryptocurrency system could enable the development of global payment systems that are faster, cheaper and more inclusive than current payment systems.”
“Bitcoin will be remembered for pushing central banks to adopt digital money,” he said.
Blanque resumed that it was much more important for investors to be adding their exposure to the renminbi, China’s currency, before diving into the crypto fray.
Bitcoin fell 35% last month after China intensified efforts to crack down on mining and trading of the largest cryptocurrency.