U.S. Markets close in 1 hr 17 mins
  • S&P 500

    4,704.54
    +15.87 (+0.34%)
     
  • Dow 30

    35,870.95
    -60.10 (-0.17%)
     
  • Nasdaq

    15,993.71
    +72.14 (+0.45%)
     
  • Russell 2000

    2,363.59
    -13.42 (-0.56%)
     
  • Gold

    1,861.20
    -0.20 (-0.01%)
     
  • Silver

    24.88
    -0.02 (-0.08%)
     
  • EUR/USD

    1.1369
    -0.0006 (-0.0568%)
     
  • 10-Yr Bond

    1.5890
    -0.0150 (-0.94%)
     
  • Vix

    17.59
    +0.48 (+2.81%)
     
  • GBP/USD

    1.3497
    -0.0003 (-0.0216%)
     
  • USD/JPY

    114.3040
    +0.0520 (+0.0455%)
     
  • BTC-USD

    58,169.18
    +3,357.70 (+6.13%)
     
  • CMC Crypto 200

    1,402.14
    -65.80 (-4.48%)
     
  • FTSE 100

    7,255.96
    -35.24 (-0.48%)
     
  • Nikkei 225

    29,683.09
    +84.43 (+0.29%)
     

Bitcoin is a "farce" - Amundi CIO

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
Euronext stock exchange's annual conference in Paris
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

LONDON (Reuters) - Cryptocurrencies such as bitcoin are a "farce" and a symptom of bubbles forming in financial markets, Amundi chief investment officer Pascal Blanque said on Thursday.

Bitcoin, trading at around $39,364, fell 35% last month after China doubled down on efforts to prevent speculative and financial risks by cracking down on mining and trading of the largest cryptocurrency.

Speaking at a news conference, Blanque described the crypto currency as a "farce," adding that it was a symptom of the bubbles forming in markets.

"Bitcoin will be remembered for pushing central banks to adopt digital money," he said, adding that governments and regulators will ultimately "stop the music."

Blanque said that it was much more important for investors to increase their exposure to the renminbi, China's currency, then diversify into crypto currencies.

(Reporting by Dhara Ranasinghe and Mike Dolan; editing by Rachel Armstrong)