‘I come to bury Bitcoin, not to praise it’, says UBS’ Paul Donovan; calls crypto “fatally flawed”
Paul Donovan, UBS’s Global Chief Economist said that the cryptocurrency bubble may be in its death throes, in his blog post. Donovan was interviewed by CNBC’s show Fast Money over his blog, where he stated that all cryptocurrencies “fatally flawed”.
Donovan titled his blog post as ‘I come to bury Bitcoin, not to praise it’ in which he talks about the rough phase the cryptocurrency market is going through, a bubble which will burst. Donovan called the designers of these currencies brilliant at Maths but they “know nothing about Economics.” Donovan said:
“To be perfectly honest I think anyone with a high school education in economics is been a Bitcoin skeptic 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.”
Donovan added that with a fair understanding of economics, it was clear that the hype created by Bitcoin, just influenced people due to new technology. It was certain that this hype will not…
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