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CNBC’s Melissa Lee takes a bullish approach against UBS’s Paul Donovan

Paul Donovan, the chief economist behind UBS, recently slated Bitcoin – claiming it is in the throes of death. Fast Money’s Melissa Lee spoke with him and questioned him on his views.

Written by Becky Leighton Published on

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“:

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“.

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.

Written by

Internet writer looking to find the right piece. Also presents things on radio and happens to be a chip off the old blockchain. @BeckyRLeighton

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