Amundi’s Chief Investment Officer (CIO), which claims to be the largest asset manager in Europe (with 1.755 billion euros in assets under management as of March 31, 2021, spoke of Bitcoin in a recent press conference.
According to a Newsweek article (which used a Reuters report as the source) published on Thursday, June 3, Amundi’s CIO Pascal BlanquÃ© called Bitcoin a “joke” at a press conference on Thursday, June 3.
According to the Reuters report, BlanquÃ© said the huge rise in Bitcoin prices was “a symptom of bubbles forming in the financial markets.”
He went on to add that “Bitcoin will be remembered for pushing central banks to embrace digital currency” and governments would eventually “stop the music.” Finally, he advised investors to gain more exposure to China’s official currency, the renminbi, instead of putting money into crypto.cry
When Newsweek tried to contact Amundi for further comment, an Amundi spokesperson referred them to an Amundi cryptocurrency research report, which says none of today’s cryptocurrencies ‘hui (presumably with the exception of stablecoins backed by trust funds such as the USD Coin) is not really a currency:
To date, crypto-currencies (CC) cannot be considered as a form of currency because they are neither a proven store of value, nor a recognized unit of account and even less a universal means of payment.
The report went on to say:
CCs have no real economic underlying and therefore there is no valuation model. A fully decentralized and disintermediated CC system could enable the development of faster, cheaper and more inclusive global payment systems than current payment systems.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading crypto-assets carries a risk of financial loss.