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CNBC Fast Money Melissa Lee recently interviewed Paul Donovan, the chief economist of UBS, regarding his case against Bitcoin and the interviewer took a bullish approach.
Donovan blew up Bitcoin in a blog post, saying he will do it "bury Bitcoin"and not "praise him":
UBS in the autumn in Bitcoin: there is good news. The time, effort and electricity that built the bubble can now be used to do something useful. Giving money to the creators of cryptocurrencies was not helpful. Getting qualified people to do something useful increases the economy. @crypto pic.twitter.com/cOY42JwlHW
– Julie VerHage (@julieverhage) November 28, 2018
The USB economist believes that the cryptocurrency is on the edge of death; that the serious decline he had to face is "not healthy " and that the designers of the blockchain offer are "brilliant in mathematics"but"he seems to know nothing about economics".
UBS says it's time to bury bitcoins. The man behind the daring UBS call "Paul Donovan makes his case. #bitcoin $ BTC pic.twitter.com/8eX8E4fK1A
– CNBC Fast Money (@CNBCFastMoney) November 29, 2018
In a telephone interview with Fast Money, Donovan took his position that the Bitcoin and the cryptocurrency industry is a bubble and kept it while being questioned by Lee. He said ":
"These things would never be currencies, they will not be worth at any point in the future." They are fatally flawed and, consequently, from the beginning of the hype at the end of last year, it was quite obvious that this would be badly finished.Unfortunately, some people who have not been protected by any sort of regulation have been involved in the process. "
Although he remained bearish, the CNBC representative took a more bullish approach, prompting Donovan on the subject.
At present, Bitcoin is trading at $ 4013.59 USD, which is a drop of 3.42% on day-to-day trading.
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