Credit Suisse: Bitcoin 11 Times More Volatile Than GBP/USD
Credit Suisse has released two articles this month in which it says Bitcoin is three times more volatile than oil and 11 times more than the post-Brexit pound.
Two reports by Credit Suisse suggest that Bitcoin is three times more volatile than oil and 11 times more than the post-Brexit pound sterling.
The Swiss bank’s first article, published earlier this month titled “Is Bitcoin Safe?” seeks to advise on the resilience of the virtual currency as an asset.
“Bitcoin does carry some unique risks,” analysts from its global marketing research department state.
“The value of the cryptocurrency has been three times as volatile as the price of oil and 11 times more than the post-Brexit exchange rate between the dollar and the British pound.”
In line with banks the world over, Credit Suisse champions the appeal and security of the Blockchain, commenting that “it's only when you add people to the mix that things start to get complicated.” The same, it says, is true about Bitcoin trading in the absence of “bad actors.”
Curiously, the article was followed a week later by another titled “Forget Bitcoin, but Remember Blockchain?” which described the world of Bitcoin as “complex and expensive.”
This time Blockchain received special attention as “the more powerful potential disruptor,” while Bitcoin was not praised at all.
“Yet for all the hype, European Tech analysts from Credit Suisse's Global Markets Research department say Bitcoin is not the end of cash, debit cards and digital payment systems such as PayPal,” the bank writes.