Paul Donovan who is the Chief Economist for Swiss bank UBS wealth management Global and a very popular individual for his unending hatred for the Bitcoin and digital currencies have launched a full blown attack on Bitcoin recently referring to it as being fundamentally flawed.
This was asserted in Fast money Segment which is hosted by CNBC. It is to be remembered that earlier, Paul Donovan has also said in his blog post that his intentions can never be to praise the Bitcoin and other cryptocurrency but his intentions are to bury it. He asserted that anyone who took time to study economics and how the financial world works in the first place would realize that the world of digital currencies would never work out and would immediately become a skeptic of digital currencies. He asserted that the digital currencies could not be referred to as currencies due to the fact they are fundamentally flawed right from the start.
It is worth remembering that his comments are coming at a time where the price of Bitcoin has been on a free flow fall recently and it is currently trading at about $4216 to one BTC. He also asserted just like other skeptics like Jamie Dimon that most of the crypto firms and startups were simply the product of unnecessary hype and it would be very difficult for them to survive.
THE DEVELOPERS OF THE BITCOIN CORE ARE FANTASTIC WHEN IT COMES TO MATHEMATICS, BUT SUCK AT ECONOMICS
However, he was quick to point out that the technology which was used to make the blockchain technology could be head in a different light as the distributed ledger system seems to be working just fine and properly. However, he noted that thinking the Bitcoin currency would ever replace or be on par with the dollar would be making a great leap which would most likely end in failure.
It is to be noted that these harsh criticisms are coming one year after the last one in December 2017 where he also warned most investors of the Bitcoin that the Bitcoin was fatally flawed and soon enough, they would start seeing the drop in prices and the flaws of the cryptocurrency. He asserted that while the developers of the Bitcoin core and the Bitcoin network were no doubt very good at maths, they sucked at economics and the principles of it.
It is to be remembered that UBS is currently facing a $6 billion money laundering case in court.
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