Bitcoin is fatally flawed, according to UBS Wealth Management Global Chief Economist and high-profile crypto critic Paul Donovan.
In an interview with CNBC Fast Money, he said: “I think anyone with a high school education in economics has been a Bitcoin sceptic right from the start. These things were never going to be currencies. They’re not going to be currencies at any point in the future. They’re fatally flawed.”
Also this week, Donovan published an internal blog post entitled ‘I come to bury Bitcoin, not to praise it’, in which he argued that “the cryptocurrency bubble may be in its death throes.”
UBS on the fall in Bitcoin: There is some good news. The time, effort and electricity that built the bubble can now be used to do something useful. Giving money to cryptocurrency creators was not useful. Getting skilled people to do something useful boosts the economy. @crypto pic.twitter.com/cOY42JwlHW
— Julie VerHage (@julieverhage) November 28, 2018