Pascal Blanc, CIO of Amundi, one of Europe’s largest asset managers, has said that bitcoin and other cryptocurrencies are a farce, highlighting its skeptical stance on the true value of the cryptocurrency. The investor said that crypto assets are a manifestation of bubble-forming markets and that investors should focus on other more logical assets.
CIO of Amundi states cryptocurrency is a farce
Pascal Blanc declared that bitcoin and similar cryptocurrencies are a farce during a recent news conference. report good from Reuters. The skeptic also said that cryptocurrencies are a clear symptom of a bubble-led market.
Blank, who has been Amundi’s CIO and head of investment management platform since 2005, doesn’t hesitate to claim his unreliability when it comes to the new asset class that has become bitcoin and other cryptocurrencies. However, he praised them because of the new paradigm introduced in the economy, which felt the need for central banks to actually make a digital push on their monetary strategies. In this regard, Blanc said:
“Bitcoin will be remembered for inspiring central banks to adopt digital currency,”
He also mentioned the fact that the cryptocurrency was still in its infancy, and that regulators would eventually crack down on “stopping the music”. For Blank, investors would be better able to turn their attention east and diversify their investments with more exposure to the Chinese currency, the yuan.
An asset management company with more than $1.7 trillion in assets under management, Amundi has shown no interest in expanding its portfolio to include cryptocurrencies, and will do so in the near future, with Blank at the helm of the investment strategy. Not likely.
push for digital
As Blank noted, cryptocurrencies are prompting more and more banks to issue digital currencies to complement their fiat counterparts, otherwise central bank digital currencies.[सीबीडीसी]is referred to as. The European Central Bank (ECB) recently issued A caveat about how these “artificial currencies” can affect the ability of central banks to effectively control monetary policy.
While the ECB is still studying better ways to issue the digital euro, there are other countries that have already implemented or are in the process of issuing their own digital currency. it is a matter China and the Bahamas, which have already released their digital fiat counterparts in widespread testing applications, and many more countries are researching and releasing their first guidelines, such as Brazil.
What do you think about Amundi’s CIO’s stance on cryptocurrency? Tell us in the comments section below.
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