Cryptocurrency “a farce”

Pascal Blanque, chief investment officer of Amundi, said on Thursday that cryptocurrencies such as Bitcoin are a “farce” and a symptom of the formation of a financial market bubble.

The trading price of Bitcoin is approximately US$39,364, which fell 35% last month after China stepped up efforts to crack down on the mining and trading of the largest cryptocurrency to prevent speculation and financial risks.

At the press conference, Blanc described the cryptocurrency as a “farce” and added that it was a sign of a market bubble.

“Bitcoin will be remembered for pushing central banks to adopt digital currencies,” he said, adding that the government and regulators will eventually “stop the music.”

Blanque said that it is more important for investors to increase their exposure to the renminbi and then invest in cryptocurrencies.