Paul Donovan Blasts at Bitcoin Again, says, “Bitcoin is Bubble, While Blockchain is Different”

Image source: Executives magazine

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In a race where many economists view bitcoin as a bubble, UBS executive, Paul Donovan join the rally blasting Bitcoin again. In a recent interview with CNBC, Donovan talked about bitcoin and the recent wave across crypto market which he calls “not healthy”. Looking at his latest blog post, entitled “I come to bury Bitcoin, not to praise it”, began claiming cryptocurrency as a bubble, “may be in its death throes”, Anthony Pompliano took twitter stating;

I think Paul Donovan is paid by a bank to pump an anti-Bitcoin rhetoric. Good luck to them!

— Pomp ? (@APompliano) November 30, 2018

While Bitcoin is Bubble, Blockchain is a different – Donovan

UBS Chief Economist has recently written a blog post blasting on Bitcoin and also join CNBC’s fast money interview to talk about the same. He said Bitcoin “an evil bubble” and will never be a currency. The article claimed that the crypto designers are good at Bitcoin but appear to be poor at economics. He pointed out that the real value of a currency comes “aligning demand and supply”.

The underlying technology of blockchain, the distributed ledger system – that’s different. He went on pointing, “There’s an economic proposition there; again, there’s a certain amount of hype around it, but to go from that to ‘Bitcoin is going to replace the dollar’ is quite a leap.”

Donovan as Bitcoin cynic wrote that;

“I think anyone with a high school education in economics has been a Bitcoin skeptic right from the start,” 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.”

Crypto enthusiasts react Donovan’s Claim

Following his claim, Twitter enthusiast went on denying and reacted assertively over the claim

ahhaahahhahaahhahah fool

— Faysal Ramses (@RamsesFaysal) November 30, 2018

It’s time to bury $UBS. The firm behind the bold call is down 41% in a golden bull market.

How embarrassing. I can’t even fathom how they performed so poorly.

SAD pic.twitter.com/gTpMbMV2iM

— The Crypto Dog? (@TheCryptoDog) November 30, 2018

I get such a kick out of the arrogance that these people speak with.

Show me how perfect your economic system is and how well a bank like UBS operates. https://t.co/lJ0kdtM6di

— Trajan (@trajanmex) November 30, 2018

In addition, closely looking at the coinmarketcap, Bitcoin was trading at $4005 with market cap $69,697,967,302. XRP holds second position and Stellar overtaking Bitcoin Cash for the first time.

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Anthony Pompliano -Paul Donovan May Be Paid By Bank, Blasting On Bitcoin Again

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In a race where many economists view bitcoin as a bubble, UBS executive, Paul Donovan join the rally blasting Bitcoin again. In a recent interview with CNBC, Donovan talked about bitcoin and the recent wave across crypto market which he calls “not healthy”. Looking at his latest blog post, entitled “I come to bury Bitcoin, not to praise it”, began claiming cryptocurrency as a bubble, “may be in its death throes”, Anthony Pompliano took twitter stating;

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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