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Ex-Credit Suisse CEO's Bitcoin (BTC) Bubble Call Backfires

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Mon, 20/03/2023 - 19:26
Ex-Credit Suisse CEO's Bitcoin (BTC) Bubble Call Backfires
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In 2017, then Credit Suisse CEO Tidjane Thiam called Bitcoin a bubble, expressing skepticism about the cryptocurrency's future. Fast forward to 2023, and Bitcoin has surged 318% since Thiam's comments, while Credit Suisse has been sold for a mere $3 billion, less than the market cap of Dogecoin ($10 billion) and Shiba Inu ($6 billion).

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Thiam's words from 2017 have come back to haunt him as Joe Burnett, head analyst at Blockware Solutions, pointed out the disparity between Bitcoin's success and Credit Suisse's stunning downfall in a viral tweet.   

Back then, Thiam had cited the anonymity of Bitcoin as a challenge and claimed that the only reason to buy or sell the cryptocurrency was to make money, which he equated to speculation and a bubble.

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Recently, the prominent Swiss bank has faced a series of setbacks, leading to its acquisition by UBS in an emergency rescue deal aimed at stemming financial market panic. UBS is paying a measly $3.25 billion for Credit Suisse. Credit Suisse shareholders will be largely wiped out, receiving the equivalent of just 0.76 Swiss francs in UBS shares.  

Thiam's tenure at Credit Suisse has been lambasted by analysis for sidelining the investment bank and setting the company on the path to failure. His decision to rein in the bank’s risky investment bank in an effort to make it safer for shareholders may have contributed to the sudden downfall. 

Thiam's call on Bitcoin may serve as a cautionary tale for financial leaders who underestimate the potential of digital assets. With Credit Suisse's decline and the rise of cryptocurrencies like Bitcoin, Dogecoin, and Shiba Inu, the future of finance may be more decentralized and digital than traditional banking institutions anticipated.

As reported by U.Today, Bitcoin recently managed to reclaim the $28,000 level amid the broader banking crisis.

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