“Avoid Bitcoin” Says a Deutsche Bank Strategist
The list of those who warn about the use of Bitcoin in investment is joined by Deutsche Bank now. Ulrich Stephan a chief Strategist at Germany’s largest lender said that he wouldn’t recommend Bitcoin to the investors. According to him, the regulations are scant and unavoidable fluctuations of price are too much. He said that it was noticed that the investors from Germany are unwilling to invest in assets market such as stock as they were followed by Bitcoin.
It was seen that Bitcoin reached an all-time high mark of $8,000+ last weekend. Furthermore, Max Keiser said that it is possible for Bitcoin to reach the mark of $100,000 soon.
The eightfold rise in the value of unpredictable cryptocurrency this year gave a lead to various warnings regarding bubble and in addition, the institutional investors are planning to keep a distance.
However, retail investors along with a few hedge funding offices are still against the idea. In JPMorgan Chase & Co (JPMN), the Chief Executive Officer named Jamie Dimon called Bitcoin “Fraud” a few months ago.
But Axel Webber, UBS (UBSGS) Chairman, urged caution regarding Bitcoin a few days back and added that there is potential for the tech & ideas supporting it. Furthermore, even though he is optimistic regarding the supporting technology, but he is still cautious about labelling Bitcoin as an entity.