The Swiss bank UBS & # 39; Wealth Management Global Chief Economist and the skeptical infamous Bitcoin Paul Donovan doubled his distrust of the cryptocurrency on November 29, calling it "fundamentally flawed."
Speaking to CNBC's Fast Money segment, Donovan, who released an extension earlier this week blog post entitled "I come to bury Bitcoin, not to praise it", he repeated his criticisms of the innovative financial instrument.
"I think anyone with an education in economics has been a Bitcoin skeptic since the beginning," he told the network, adding:
"These things would never have been currencies, they will not be worth at any point in the future, they are fatally imperfect."
Donovan was talking about the fact that Bitcoin prices hovered around $ 4,200, after falling to $ 3,500 last weekend.
Referring to the so-called "bubble" of cryptocurrency, a narrative often used by fellow opponents such as economist Nouriel Roubini and JPMorgan CEO Jamie Dimon, seemed to include the same employees of UBS who left the bank to start startup blockchain as unsuccessful to "hype."
"The technology behind the blockchain, the distributed registry system – is different," he said, noting:
"There's an economic proposal there, again, there's a certain amount of hype around it, but going from this to" Bitcoin is going to replace the dollar "is a nice jump . "
The UBS figure had previously warned Bitcoin in view of its historical highs in December 2017, when it used the same language as "fatal flaws" and the inability of cryptocurrency to be a currency or a value deposit for make the case against the industry.
This week's blog went further, Donovan arguing that the Bitcoin Core developers were "brilliant in mathematics" but "seem to know nothing about economics".
"Giving money to the creators of cryptocurrencies was not useful", he summarized.
Last month, a French court rejected UBS's request to eliminate money laundering charges against the bank, which would result in payment of nearly $ 6 billion in fines.