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Bitcoin Is the ‘Very Definition’ of a Bubble, Credit Suisse CEO Says

History teaches such speculation rarely leads to ‘happy end’
Says people buy bitcoin only to make money, no inherent value

Bloomberg business news — Bitcoin: What’s Coming in the Year Ahead

By

Jan-Henrik Foerster

November 2, 2017, 2:43 PM UTCUpdated onNovember 2, 2017, 4:43 PM UTC

The speculation around bitcoin is the “very definition of a bubble,” Credit Suisse Group AG Chief Executive Officer Tidjane Thiam said as the currency exceeded $7,000 for the first time.

“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,” he said at a news conference in Zurich Thursday. He added that in the history of finance, such speculation has “rarely led to a happy end.”