Despite Bitcoin Price Growth, Queen’s Bank Laughs Off Bitcoin

Despite Bitcoin’s biggest ever trading day culminating in a $14,000 high, England’s Coutts bank is steering clear of the cryptocurrency.

Joining the chorus of Bitcoin naysayers like Jamie Dimon and Dennis Gartman, Coutts Bank, whose list of esteemed clients include the British royal family, are skeptical at best about the meteoric rise of the value of Bitcoin.

Speaking to The Telegraph, analyst Lilian Chovin declared the virtual currency a speculative asset that holds no tangible value.

“Its sharp rise brought back memories of the dotcom bubble back at the turn of the century.”

“Our view at Coutts is that, as an investment asset, electronic currencies like Bitcoin have nothing but sentiment backing them up.”

Chovin went on to note that the prevailing atmosphere around Bitcoin was highly skeptical, mainly because of the capital gains made by early investors.

Another concern is the inability to predict what the future holds for virtual currencies in terms of government legislation and regulations:

“They are vulnerable to government sanctions and lack the kind of data we look for to gauge value. We, therefore, have no current plans to include them in our investment strategy.” […]

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