Credit Suisse CEO skeptical about Bitcoin ‘bubble’

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ZURICH (Reuters) – Credit Suisse Chief Executive Tidjane Thiam on Thursday expressed caution about Bitcoin, saying the current interest in the crypto-currency could eventually subside.

”Bitcoin presents a number of challenges. The first of them is really the anonymity,“ Thiam told a results news conference. ”I think most banks in the current state of regulation have little or no appetite to get involved in a currency which has such anti-money laundering challenges.

“From what we can identify, the only reason today to buy or sell Bitcoin is to make money, which is the very definition of speculation and the very definition of a bubble.”

Bitcoin rocketed above $7,000 for the first time on Thursday, after a more than sevenfold increase in its value since the start of the year. [nL8N1N83DQ]

Reporting by Joshua Franklin, writing by John Revill; Editing by Michael Shields

 

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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