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Governments Will Stop Bitcoin, Says CIO of Europe's Second-Largest Asset Manager

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Thu, 06/03/2021 - 14:50
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Alex Dovbnya
Amundi CIO Pascal Blanque believes that Bitcoin will lose its relevance to central bank digital currencies
Governments Will Stop Bitcoin, Says CIO of Europe's Second-Largest Asset Manager
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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.

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." 

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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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.