Bitcoin is a "farce"- Amundi CIO

French company Crypto Blockchain Industries to list on Paris stock market
French company Crypto Blockchain Industries to list on Paris stock market   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p><span class="caps">LONDON</span> – 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.</p> <p>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.</p> <p>Speaking at a news conference, Blanque described the crypto currency as a “farce,” adding that it was a symptom of the bubbles forming in markets.</p> <p>“Bitcoin will be remembered for pushing central banks to adopt digital money,” he said, adding that governments and regulators will ultimately “stop the music.” </p> <p>Blanque said that it was much more important for investors to increase their exposure to the renminbi, China’s currency, then diversify into crypto currencies. </p> <p/> </div>