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Author Topic: Credit Suisse CEO "Bitcoin is the very definition of a bubble"  (Read 180 times)
VitKoyn
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November 04, 2017, 03:11:07 PM
 #1

At a time in which bitcoin reaches a new record high around the $7,500 mark and catapults the cryptocurrency market cap above the $200 billion mark for the first time in history, Credit Suisse CEO Tidjane Thiam makes it clear that he isn’t a fan of the cryptocurrency, as he stated it was the “very definition of a bubble” while speaking at a news conference in Zurich.

Tidjane Thiam stated:
“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.”

“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."

Source: https://www.cryptocoinsnews.com/credit-suisse-ceo-bitcoin-is-the-very-definition-of-a-bubble/

Agree with Tidjane Thiam? Thoughts?

Another clown added to the list. It is funny that these rich people making statements without fully understanding what is Bitcoin.  Grin

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November 04, 2017, 05:44:41 PM
 #2

Credit Suisse is a big name in organized financial market and bitcoin definitely is a threat to their business. 100 billions of USD, which should have been routed through their banking channel, has been en-routed to bitcoin. SO they will try to discourage people from investing in bitcoin. The more people will be discouraged by their statement, the more money the organized financial sector will receive for investing in real-world instruments. So talking foul about bitcoin is a business strategy for them.

I have seen a lot of people have been calling bitcoin a speculative bubble. I total agree with that because that is what is unique about bitcoin and pushes the value for it. It's more like Crude Oil. This oil doesn't have a value, but it has many uses which decides its value in the market. Same goes with bitcoin, bitcoin doesn't have a value. But the speculators pay a price for it for the sake of investment. It's high time that we start ignoring these smart bankers. 

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November 04, 2017, 05:51:32 PM
 #3

“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."
Another clown added to the list. It is funny that these rich people making statements without fully understanding what is Bitcoin.  Grin

"State of regulations" - they would like to regulate everything, even your night dreams.  Grin

"Money laundering challenges" - really funny clown. This Swiss bankster forget how Swiss banks laundered gold and other deposits from around the World and tolerated anonymous accounts, full of laundered money, etc.
But, now, they are very concerned about Bitcoin and crypto independence from banksters.
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November 04, 2017, 05:59:51 PM
 #4

No other statements could be expected from such guys belonging to financial sectors.They are losing their huge investments due to bitcoin and so,they have started to criticize bitcoin.They know very well that they could not stop the progress of bitcoin.Earlier Jamie dimon and now Credit suisse CEO criticizing bitcoin.The list would become large in future.They are totally helpless.They are losing their patience and giving such statements.They all would have not even thought few years before that all their business would come under serious threat due to such a decentralized currency bitcoin.



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November 04, 2017, 06:05:07 PM
 #5

Do you remember CEO of JPMorgan Chase announced what? Smiley) It's the same with what CEO of JPMorgan Chase did before Smiley). It made Bitcoin price dump to under 3k$ but at that price, manager of JPMorgan Chase spent a huge amount of money to buy Bitcoin Smiley)). Don't worry about any announcement like that, maybe it's only a trick of rich people to be able to buy Bitcoin at lower price Smiley)

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November 04, 2017, 06:10:34 PM
 #6

And for the hundredth time now bitcoin doesnt play by the rules of this bubble nonsense. It is unlike anything we have seen before and sure it will correct eventually but it wont crash and cease to exist in a few months time.

A bubble implies terrible aftermath, I simply dont think that will happen with bitcoin.
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November 04, 2017, 06:11:14 PM
 #7

“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.”

Well actually, in that particular case he is right and there is nothing to argue about. Bitcoin was supposed to be a currency, yet people now consider it mainly to be some sort of an asset. People buy bitcoin only because they think it may raise in price. They don't need it for any other reason. There are not many shops or places where you can use it, so it's actually pure speculation and no real demand. In my opinion, that's the recent rapid price growth, by recent I mean last year is the most dangerous thing for bitcoin in general, as the adaptation of the bitcoin doesn't match with the price raise. There is high demand, but no usage and it's not healthy.
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November 04, 2017, 06:12:13 PM
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bitcoin is a great thing.

i also happen to believe he's completely wrong and boring about most of the usual stuff but when it comes to the bubbliness he's completely right.

98% or more of the people involved are only doing it for more dollars. at some point that group will run out of enthusiasm and the price will crash horribly.

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November 04, 2017, 06:23:21 PM
 #9

Tidjane Thiam stated:
“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.”
The first and basic reason to buy bitcoin is to use it as a payment method as you can do it also anonymously and unlike the glass house when using fiat money processors like banks.

Many people also believe in its future and use it as a value storage. The more people believe in its future and want to use it as a value storage, the more people want to buy it and the higher will the price rise and this is unlike a bubble where the demand stagnates or decreases.

“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."
Pretty sure that banks or payment service providers to online gambling sites assisted to launder more than the current bitcoin market cap of $200 billion!

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November 05, 2017, 12:08:32 AM
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I hear nonesense talk that is what I hear. I'm going to strangle someone if I hear Bitcoin and bubble in the same sentence again. As soon as someone starts talking about bubbles I just stop listening. Life is also bubble. Your mortality itself is a bubble. Hell everything is s bubble and pops at some point or another. What exactly is this guy's point? Does this gun think when this "bubble" he speaks if pops that Bitcoin is going to crash and burn? Not a chance!!

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November 05, 2017, 12:17:44 AM
 #11

What makes you think that these people don't understand bitcoin?  Because they think we're
in a bubble?  A lot of people do.  And they're bound by AML laws, and thus their concerns are pretty
valid.  Bankers aren't paid to be emotionally invested in things, and they're not the ones posting on
bitcointalk about yay, we're going to $10K, yay yay yay.  They have a very detached, logical view
on assets in general, and they're also not stupid people.  If they think something is in a bubble, it's
kind of idiotic to dismiss that out of hand.  They see a digital currency that's risen with exponential
growth and thus they see a bubble.  They might be right.
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November 05, 2017, 01:07:51 AM
 #12

Too many FUD is coming out. maybe a correction might happen but we dont know when.  This year or next year?

One thing is for sure. I will not believe all of the Bad new against bitcoin. Because the price chart tells the truth.

Good luck to us  Wink


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