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Bitcoin is "Clearly in a bubble": Deputy CEO of Société Générale

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While the price of bitcoin continues to trade at unprecedented levels near of $ 7,500, the French banking giant has opined the cryptocurrency is in a bubble.

In an interview with Bloomberg, Severin Cabannes, deputy general manager of Societe Generale, was asked about the stock market valuation of bitcoin in a year where the value of the decentralized cryptocurrency has risen more 650%.

The banking executive claimed that Bitcoin is in a bubble while adding that the bank does not invest in or interest in cryptocurrency.

Cabannes declared:

Bitcoin today, in my opinion, clearly in a bubble … very clearly. But we are not sure what are the market drivers behind this pricing.

Cabannes' comments reflect those of Tidjane Thiam, CEO of the Swiss banking giant Credit Suisse, who claimed that Bitcoin was "the very definition" of a bubble last week.

The ongoing Bitcoin Rally is powered by the CME Group's plan to introduce bitcoin futures before the end of the year. The intention of the world's largest trading owner to enter a bitcoin futures contract has led speculators to optimistically predict "the opening of the institutional demand gates", making bitcoin "attractive" for Wall Street.

Yet, bitcoin continues to have detractors despite the growing awareness and adoption of cryptocurrency on a global scale as a method of payment and a store of value among daily retail investors. JP Morgan Chief Executive Jamie Dimon called bitcoin "fraud" and threatened to fire employees who were adopting or selling cryptocurrency.

Meanwhile, Cabannes revealed that Societe Generale was "very interested, not in bitcoin, but in blockchain technology", focusing on trials like the blockchain of liquefied natural gas on the world market as well than on other prototypes. the bank. "

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We are not really eager to invest in bitcoin, but we are very eager to invest in blockchain technology.

Featured image from YouTube / Bloomberg.