Amundi CIO Pascal Blanque believes that Bitcoin will lose its relevance to central bank digital currencies

During today’s press conference, Pascal Blanque, chief investment officer at Amundi, said that governments and regulators will “stop the music” for Bitcoin, Reuters reports.

Blanque believes that Bitcoin’s only legacy will be accelerating the adoption of central bank digital currencies:

Bitcoin will be remembered for pushing central banks to adopt digital money.

The executive also dismissed the top cryptocurrency as “a farce” while warning about market bubbles.

In March, Blanque mentioned that there would be “something left from crypto” but also took note of “bubbling times.” 

Systemic risks

In its recent research paper, Amundi—the second-largest European asset manager—claims that cryptocurrencies could be potentially destabilizing.

It states that the resilience of such decentralized systems remains questionable.

In addition, the paper mentions that buyers do not tend to discount any regulatory risks, which could result in a “brutal” price adjustment.

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