Bitcoin is a “farce” – Amundi CIO

Euronext stock exchange's annual conference in Paris
Pascal Blanque, Chief Investment Officer of Amundi, attends the Euronext stock exchange's annual conference in Paris, France, January 14, 2020. REUTERS/Benoit Tessier/Files

June 3, 2021

LONDON (Reuters) – 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 crypto currency as a “farce,” adding that it was a symptom of the bubbles forming in markets.

“Bitcoin will be remembered for pushing central banks to adopt digital money,” he said, adding that governments and regulators will ultimately “stop the music.”

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.

(Reporting by Dhara Ranasinghe and Mike Dolan; editing by Rachel Armstrong)