[2017-11-02] Credit Suisse CEO: Bitcoin the 'Very Definition of a Bubble'

[Terraformer]

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.

https://www.coindesk.com/credit-suisse-ceo-bitcoin-definition-bubble/

[tyz]

Credit Suisse CEO Discredits Bitcoin

The CEO of Zürich-based stock holding company Credit Suisse has come out in opposition to Bitcoin. For Tidjane Thiam, the cryptocurrency space needs approaching with caution and current interest levels are only high because people think it as a way to get rich quick.

The finance exec cites anti-money laundering concerns as a major reason why banks will never take the currency seriously. Moneyweb reports Thiam’s sentiment which he expressed at a news conference on Thursday:

Bitcoin presents a number of challenges. The first of them is really the anonymity. I think most banks in the current state of regulation have little or no appetite to get involved in a currency which has such anti-money laundering challenges.

http://www.newsbtc.com/2017/11/02/credit-suisse-ceo-discredits-bitcoin/

[jubalix]

Banksters finding out the can't be Banksters any more.

All their fiat cannot buy them control of BTC, only push the price up.

This is a novel situation for Banksters. They are going to be out of a job, or have greatly reduced relevance

[bubblebit]

CEO : blah blah blah.

This is something common this days and the same reason why most of them have a little to no logical thinking is because in appointing CEO is like politics not by who is much brighter but the best puppets by the biggest share holders in one company. I don’t want to be rude but they’re just annoyingly intolerable at all. Have no patience with this humans who acts superior than any other persons who believe bitcoin. That they look more of a hypocrites professionals than a legitimate one. Sorry for my reply just tired of them, so much. I want to ignored them but I can’t because we can’t ignore ignorance.

[jseverson]

The problem with his statements is that he highlights the fact that Bitcoin is used for money laundering. Well I have news for him: fiat is too! Much of the concerns regarding that is also speculative. There has been no study regarding Bitcoin's use in money laundering. He's really just trying to discredit Bitcoin.

[jekjekman]

Bitcoin is indeed sees by many as an investment more than a real digital currency that can be use to buy goods and other services online and we can't deny that because the price growth of it is so huge in just a short period of time, even me is feeling regret when I spend my previous Bitcoins because after a time it increases drastically and especially those time that I withdraww my huge amount of Bitcoin with a deep of $1,800 and tomorrow after that it bounces to $3,000 a piece.

[jubalix]

ok let me add

btc could be in a bubble, or an uptake curve or both.

However Fiat has been in a bubble since it left the gold standard, in 1971

Which one is bigger?

BTC on one view is unwinding some 47 years of money printing in 8 years, or realistically only the last year could it be said to actually sort of taking a bite at the printing