CNBC’s Fast Money Melissa Lee recently interviewed Paul Donovan, the global chief economist for UBS, regarding his case against Bitcoin and the interviewer ultimately took a bullish approach.
Donovan blasted Bitcoin in a blog post, saying that he will “bury Bitcoin“and not “praise it“:
UBS on the fall in Bitcoin: There is some good news. The time, effort and electricity that built the bubble can now be used to do something useful. Giving money to cryptocurrency creators was not useful. Getting skilled people to do something useful boosts the economy. @crypto pic.twitter.com/cOY42JwlHW
— Julie VerHage (@julieverhage) November 28, 2018
The USB economist believes that the cryptocurrency is on the verge of death; that the severe decline it has been facing is “not healthy” and that the designers of the blockchain-based tender are “brilliant at maths” but “appear to know nothing about economics“.
— CNBC’s Fast Money (@CNBCFastMoney) November 29, 2018
In a telephonic interview with Fast Money, Donovan took his stance that Bitcoin and the cryptocurrency industry is a bubble and held it while being questioned by Lee. He said”:
“These things were never going to be currencies, they’re not going to be currencies at any point in the future. They are fatally flawed, and as a result, right from the start of the hype late last year, it was fairly obvious that this was going to end badly. Unfortunately, some people who were not protected by any kind of regulation got sucked into the process.”
Although he remained bearish, the CNBC representative took a more bullish approach, pressing Donovan on the topic.
At present, Bitcoin is trading at $4013.59 USD – which is a 3.42% decline on day-on-day trading.