The former CEO of Credit Suisse, Tidjane Thiam, has repeatedly criticized Bitcoin and the entire crypto industry. According to him, the most famous cryptocurrency in the world is a risk, a huge bubble, and he kept repeating that it is not worth investing in. He also stated that Satoshi Nakamoto’s anonymity is a problem and that financial institutions should stay away from BTC.
“As far as we can tell, the only reason to buy and sell bitcoins is to make money. And this is nothing but speculation and the definition of a bubble.” said Thiam.
The former CEO he also saidthat criminals are more attracted to the world of bitcoin and cryptocurrencies than average investors.
“I’m not very keen to invest in a currency that has these anti-money laundering challenges.” Thiam reflected earlier.
Fast forward to his anti-crypto speech, Thiam realizes that Credit Suisse, not bitcoin, is fighting the crash. The financial institution must now be rescued by Switzerland’s largest bank, UBS. According to the current situation, through the mediation of the local government, UBS Group has agreed on the acquisition of Credit Suisse, through which they want to improve the prevailing uncertainty in the banking sector. The value of the acquisition was not disclosed, but according to some sources, it might be more than 2 billion dollars.
According to the Swiss central bank, a solution has been found that ensures financial stability and protects the country’s economy in this difficult situation.
Despite the former CEO’s prediction, bitcoin continues to rise, and now it can really be talked regarding with the biggest ones. In terms of market capitalization, the world’s best-known cryptocurrency has become the 12th most valuable asset in the world. Looking at its exchange rate at the time of writing this article, we can talk regarding $27,670 according to CoinMarketCap data.
