During today's press conference, Pascal Blanque, chief investment officer at Amundi, said that governments and regulators will "stop the music" for Bitcoin, Reuters reports.
Blanque believes that Bitcoin's only legacy will be accelerating the adoption of central bank digital currencies:
Bitcoin will be remembered for pushing central banks to adopt digital money.
Morning Crypto Report: New -$18.2 Million XRP Upset Bigger Than You Think, "$1 Million Bitcoin" Advocate Busts Two Biggest Myths With 10x Prediction, Dogecoin (DOGE) Creator Describes Bitcoin Price Crash in Just One WordInstitutional Demand for XRP ETFs CoolsCrypto Market Review: Is XRP in Perfect Spot for $3 Run? Ethereum (ETH) $3,500 Blowup Is Ready, Shiba Inu (SHIB) Needs Rocket Fuel NowPaul Graham Says Gensler's Approach to Crypto Was 'Really Stupid'
The executive also dismissed the top cryptocurrency as "a farce" while warning about market bubbles.
In March, Blanque mentioned that there would be "something left from crypto" but also took note of "bubbling times."
Systemic risks
In its recent research paper, Amundi—the second-largest European asset manager—claims that cryptocurrencies could be potentially destabilizing.
It states that the resilience of such decentralized systems remains questionable.
In addition, the paper mentions that buyers do not tend to discount any regulatory risks, which could result in a "brutal" price adjustment.
Tomiwabold Olajide
Alex Dovbnya
Caroline Amosun
Denys Serhiichuk