The chief investment officer (CIO) of Amundi, which claims to be Europe’s largest asset manage (with 1.755 trillion euros in assets under management as of 31 March 2021, talked about Bitcoin during a recent press conference.
According to a article by Newsweek (which used a report by Reuters as the source) published on Thursday (June 3), Amundi CIO Pascal Blanqué called Bitcoin a “farce” during a press conference on Thursday (June 3).
Per the Reuters report, Blanqué said that Bitcoin’s huge price rise was “a symptom of bubbles forming in financial markets”.
He went on to add that “Bitcoin will be remembered for pushing central banks to adopt digital money” and that governments would eventually “stop the music”. Finally, he advised investors to get more exposure to China’s official currency, the renminbi, instead of putting money into crypto.cry
When Newsweek tried to contact Amundi for further comment, an Amundi spokesperson referred them to an Amundi research report on cryptocurrencies, which says that none of today’s cryptocurrencies (presumably with the exception of fiat-backed stablecoins such as USD Coin) are really currencies:
As of today cryptocurrencies (CCs) 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.
The report went on to say:
CCs have no real economic underlying asset and therefore there is no valuation model. A fully decentralized and disintermediated CC system could enable the development of global payment systems that are faster, cheaper and more inclusive than current payment systems.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.