CRYPTOCURRENCIES ‘A FARCE’
Cryptocurrencies such as Bitcoin are a “farce” and a symptom of bubbles forming in financial markets, Amundi chief investment officer Pascal Blanque said on Thursday.
Bitcoin, trading at around $39,364, fell 35% last month after China doubled down on efforts to prevent speculative and financial risks by cracking down on mining and trading of the largest cryptocurrency.
Speaking at a news conference, Blanque described the cryptocurrency as a “farce,” adding that it was a symptom of the bubbles forming in markets.
Blanque said that it was much more important for investors to increase their exposure to the renminbi, China’s currency, then diversify into cryptocurrencies.