Tidjane Thiam: Bitcoin is the ‘very definition of a bubble’
Regulations mean banks have little appetite for cryptocurrencies, says Credit Suisse’s chief executive.
Credit Suisse chief executive Tidjane Thiam made clear where he stands on bitcoin, joining a growing rank of high-profile bankers and financiers to scorn the soaring cryptocurrency, writes William Watts at MarketWatch.
The widely reported remarks came at a news conference in Zurich and on the same day bitcoin soared beyond $7,300 for the first time as it and other major digital currencies continued a 2017 tear that’s drawn increasing scrutiny from Wall Street, regulators and investors. Indeed, bitcoin’s current leg higher was fuelled in part after the CME Group the world’s largest exchange owner, earlier this week announced it would launch a bitcoin futures contract, cheering digital currency fans who saw the move conferring a degree of legitimacy.
Bitcoin has seen a more-than-sevenfold increase so far in 2017.
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