Coindesk Logo

Credit Suisse CEO: Bitcoin the 'Very Definition of a Bubble'

Credit Suisse CEO: Bitcoin the 'Very Definition of a Bubble'

Credit Suisse CEO: Bitcoin the 'Very Definition of a Bubble'

Credit Suisse CEO Tidjane Thiam has said that bitcoin is in a bubble, and interest in the cryptocurrency will soon wane.

Credit Suisse CEO Tidjane Thiam has said that bitcoin is in a bubble, and interest in the cryptocurrency will soon wane.

Credit Suisse CEO Tidjane Thiam has said that bitcoin is in a bubble, and interest in the cryptocurrency will soon wane.

AccessTimeIconNov 2, 2017, 4:35 PM
Updated Aug 18, 2021, 7:22 PM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

You can count Credit Suisse CEO Tidjane Thiam among those who think bitcoin is in a bubble.

At a press conference today, the New York Times reports, the bank chief called bitcoin's anonymity a "challenge," before going on to say:

"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."

Criminal use of bitcoin is also a factor that goes against the cryptocurrency, he went on, arguing that banks "have little or no appetite to get involved in a currency which has such anti-money laundering challenges."

Thiam joins a growing list of financial industry names who have come out against the digital currency. Last week, billionaire investor Warren Buffett was the most recent to say bitcoin was in a bubble. He echoed Bridgewater Associates founder Ray Dalio, who expressed the same sentiment to CNBC in September.

At the time, Dalio noted that the speculation and volatility around bitcoin prevented it, in his eyes, from being an effective store of wealth.

While all over the news currently with its meteoric price gains, Thiam added that he expects interest in bitcoin to subside.

Tidjane Thiam image via Credit Suisse/Flickr

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.