Queen Elizabeth II’s Bank Reveals Why it doesn’t want to Invest in Bitcoin

Like the rest of us, by now you have probably got used to seeing bitcoin hitting one high after another. Just earlier this week, the most popular cryptocurrency in the world smashed through $14,000 in less than 24 hours after registering a record high of $12,000. BTC-USD went on to post a record high above $16,000 on December 7.

The volatile nature of bitcoin makes it the focal point of a raging debate that has two diametrically opposite views.

At one end, you have cryptocurrency proponents and investors who think bitcoin’s dollar-valuation could go beyond $100,000 in the next 10 or so years, while on the other you have cynics like Goldman Sachs CEO Lloyd Blankfein who say it’s only a matter of time before the so-called “bitcoin bubble” bursts. And now it looks like another weighty authority from the UK has joined the ranks of cynics dismissing bitcoin’s future; Coutts, who count none other than the Queen of England as a client.

It looks like Coutts is not convinced by the unprecedented growth of bitcoinat least, that’s what the bank’s public posture indicate. An investment strategist representing the bank has called the growth bubble speculative.

“Our view at Coutts is that, as an investment asset, electronic currencies like Bitcoin have nothing but sentiment backing them up,” Lilian Chovin, the investment strategist in question, remarked when asked about Coutts’ stand on virtual currencies…

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