In 2017, ex-Credit Suisse CEO Tidjane Thiam called Bitcoin a bubble. Now, Bitcoin has surged 318% while CreditSuisse has been sold for just $3 billion
Bitcoin a bubble, expressing skepticism about the cryptocurrency's future. Fast forward to 2023, and Bitcoin has surged 318% since Thiam's comments, while Credit Suisse has been sold for a mere $3 billion, less than the market cap of Dogecoin and Shiba Inu .
Thiam's words from 2017 have come back to haunt him as Joe Burnett, head analyst at Blockware Solutions, pointed out the disparity between Bitcoin's success and Credit Suisse's stunning downfall in aBack then, Thiam had cited the anonymity of Bitcoin as a challenge and claimed that the only reason to buy or sell the cryptocurrency was to make money, which he equated to speculation and a bubble.
Thiam's call on Bitcoin may serve as a cautionary tale for financial leaders who underestimate the potential of digital assets. With Credit Suisse's decline and the rise of cryptocurrencies like Bitcoin, Dogecoin, and Shiba Inu, the future of finance may be more decentralized and digital than traditional banking institutions anticipated.
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