Pascal Blanc, chief investment officer of Amundi, one of the world’s largest asset managers with assets under management of more than €1.7 trillion, said that governments and regulators will “stop the music” for Bitcoin. Reuters.
The top executive of the French firm, which manages assets totalling more than €1.7 trillion, described cryptocurrencies as a ‘farce’ and a sign of bubbles forming in financial markets.
“Bitcoin will be remembered for pushing central banks to adopt digital money. Governments and regulators will ultimately stop the music,” Blanc said.
He said it was far more important for investors to build up their positions in the yuan, and then diversify into cryptocurrencies.
In March, Amundi, which in Europe by assets under management trails only Allianz, published исследование of the cryptocurrency market. In it, they noted the low liquidity of digital assets and the possibility of price collapses due to tight regulation.
In their view, the operational resilience of decentralised systems raises questions, while the use of cryptocurrencies as a means of payment could destabilise the financial system.
Earlier, Gemini CEO Tyler Winklevoss expressed confidence that Bitcoin had reached too high a level of adoption to fall under a regulatory ban even in the United States, which largely shapes global rules for financial markets.