RATE Group | UBS Executive Paul Donovan Blasts Bitcoin Again, States Cryptos Are ‘Fatally Flawed’
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UBS Executive Paul Donovan Blasts Bitcoin Again, States Cryptos Are ‘Fatally Flawed’

30 Nov UBS Executive Paul Donovan Blasts Bitcoin Again, States Cryptos Are ‘Fatally Flawed’

Posted at 10:34h in Bitcoin News by

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Swiss bank UBS’ Wealth Management Global Chief Economist and infamous Bitcoin skeptic Paul Donovan doubled down on his distrust of cryptocurrency Nov. 29, calling it “fundamentally flawed.”

Speaking to CNBC’s Fast Money segment, Donovan, who earlier this week released an internal blog post titled “I come to bury Bitcoin, not to praise it,” repeated his criticism of the innovative financial instrument.

“I think anyone with a high school education in economics has been a Bitcoin skeptic right from the start,” he told the network, adding:

“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.”

Donovan was speaking as Bitcoin prices circled around $4,200, having dropped as low as $3,500 around last weekend.

Referring to the so-called “bubble” of cryptocurrency, a narrative often used by fellow naysayers such as economist Nouriel Roubini and JPMorgan chief executive Jamie Dimon, he…

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