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- Pascal Blanque claims that cryptocurrencies like Bitcoin are nothing less of a scam
- BTC token is trading at $39,217.40 and is up by 5.80% in the last 24 hours
- The government and the regulators will eventually put an end to this, Blanque adds
Bitcoin toppled by 35% from its $39,364 as soon as China reiterated its policies regarding cryptocurrency payment and mining. Amundi’s chief investment officer Pascal Blanque claims that cryptocurrencies like Bitcoin are nothing less of a scam and indicate one of the many bubbles forming inside the market.
Cryptos Only Drove Central Banks to Try Digital Currencies
Pascal Blanque is among the list leading investors. Blanque merely views cryptocurrencies as a bubble because of the volatility and the risk they pose. However, bitcoin is currently back to its previous levels after stuttering in the $35,000 for several days. A single BTC token is trading at $39,217.40 and is up by 5.80% in the last 24 hours. The market capitalization stands at $733.68 billion, and the daily trade volume is $34.14 billion. The Amundi CIO says that Bitcoin would be only remembered for pushing central banks to adopt digital currencies. The government and the regulators will eventually put an end to this, Blanque adds.
Cryptocurrency Will Leave the Only Legacy That is the Blockchain Technology
He adds that for the Chinese investors, gaining their currency exposure must be a priority instead of investing in mere volatile cryptocurrencies. In Citywire’s World of Asset Management CIO Summit, Blanque explained his stance on crypto. He said that cryptocurrencies and ‘other little animals’ were just symptoms of bubbling times, and in the end, authorities will monitor them. He adds that there will be something left from crypto. However, it is not crypto but revolutionary blockchain technology.
Due to lucrative and high returns offered by crypto, investors are instead turning greedy. Many cryptos, such as the infamous meme cryptocurrency, Dogecoin, have no technical merit, but people still heavily invest in them. Cryptocurrencies are unique. Hence it isn’t easy to understand its position in the market from a traditional point of view. This is the main reason why cryptocurrencies are just viewed as a bubble in the market. Blockchain, the revolutionary technology brought about by crypto, is now a must in every Fintech company.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
