Sentiment has sharply switched bearish on Bitcoin, and those that never liked the cryptocurrency in the first place are now out in droves doing further damage to the coin’s rep.
The latest to add to fuel to the flames of FUD in crypto, is Amundi CIO Pascal Blanque, who says Bitcoin is a “farce,” is a product of stock market bubble, and soon enough, the government and regulators will “stop the music.”
Sticks And Stones: Amundi CIO Pascal Blanque Calls Bitcoin Names
Bitcoin maximalists are a religious bunch and crypto holders by and large behave in a cult-like manner. They’re fiercely dedicated to whatever coin they’re invested in, ready with bias to bash any opposing projects.
Related Reading | Why The Recent China FUD Is Bullish For Bitcoin
Naysayers of the cryptocurrency class are even worse, spending countless hours spurting hateful comments toward a technology they clearly don’t understand. It’s been called “rat poison,” “a bubble,” but now, a “farce” according to Amundi Chief Investment Officer Pascal Blanque.
Amundi is the second-largest asset manager in Europe, giving the comments some extra sting when it comes to sticking it to Bitcoin. He also claims that the cryptocurrency is a product of the stock market bubble, and that governments and regulators will do what they have to to “stop the music.”
The recent crash has brought out the worst in BTC pundits | Source: BLX on TradingView.com
Crypto A Farce Is Hard To Argue, But Governments Can’t Stop It
A “farce” is defined as “a comic dramatic work using buffoonery and horseplay and typically including crude characterization and ludicrously improbable situations.” A volatile market with analysts posing as croissants taking about space men and others calling for magical internal coins to reach hundreds of thousands of dollars isn’t far off, however, crypto has real value.
The one value he does admit Bitcoin offers, is the fact it has pushed “central banks to adopt digital money.” Blanque also claims that gaining exposure to the Chinese yuan renminbi is more crucial than adding crypto exposure.
The Amundi CIO citing the Chinese yuan is notable, as China has been integral to the recent Bitcoin FUD, targeting miners, trading, and more.
China is also rolling out its own central bank-issued digital currency, the digital yuan. The CIO’s comments appear to suggest that governments like China will see to the end of decentralized cryptocurrencies to ensure their tightly controlled digital currencies prevail.
Related Reading | China Global Television Network Talks Bitcoin Future: “We’re All Gonna Die”
The digital dollar is miles behind China in the pursuit of better money, while also being aggressively debased worldwide. The DXY is at the lowest level in years, showing the dollar’s weakness.
The current global reserve currency is currently at a crossroads, needing to adapt to the future or be unseated. The two most likely candidates of doing so, are currently China’s central bank digital currency and the first ever cryptocurrency, Bitcoin.
One offers freedom, the other complete and utter control. If the dollar is dethroned, a decentralized future is the only way. But the battle may be hard fought for many more years to come.
Featured image from iStock Photo, Charts from TradingView.com