SocGen Stokes Bitcoin Bubble Talk as Bank Eyes Blockchain

Societe Generale Deputy Chief Executive Officer Severin Cabannes discussed his bitcoin doubts in a Nov. 3 interview.Source: Bloomberg

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By Jan-Henrik Foerster and Fabio Benedetti Valentini

November 3, 2017 at 11:15 AM UTC

Updated on

November 3, 2017 at 1:25 PM UTC

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Societe Generale SA added to concerns about excessive bitcoin speculation, with the bank’s deputy head following Credit Suisse Group AG’s top executive in saying that it’s a bubble.

“Bitcoin today is in my view very clearly in a bubble,” Severin Cabannes said in a Bloomberg Television interview on Friday. His comments came a day after Credit Suisse CEO Tidjane Thiam said the speculation around bitcoin, which pushed it above $7,000 for the first time, is the “very definition of a bubble.”