just Credit Suisse CEO, because there are many banking CEOs who have said similar things about cryptocurrencies during the last couple of years.
It’s pretty funny to look back on the anti-crypto rhetoric that has come from banking CEOs in the past couple of years. Tidjane Thiam, Credit Suisse CEO, made a particularly notable statement at a press conference in November 2017 when Bitcoin’s price was hovering around $7,3k. He said Bitcoin was “the very definition of speculation and the very definition of a bubble”.
Fast forward a few years and things look very different. Credit Suisse, the bank Thiam was CEO of, had a dismal performance for years. The stock price was constantly dropping, and there were consistent annual decreases in revenue, net income, and assets under management. In a last-ditch effort to save the bank, it was sold for a low price to another investment bank in Switzerland.
Meanwhile, if you bought $1,000 of Credit Suisse stock and $1,000 of Bitcoin when Thiam made his statement, you would now have around $50 of their stock and around $4,350 of BTC!
It’s not just Thiam who made anti-crypto statements. Many banking CEOs have spewed similar rhetoric in the past couple of years. Despite their comments, it is clear that Bitcoin and other cryptocurrencies are here to stay.
It is important to remember the pros and cons of investing in cryptocurrencies. While the potential return is high, the risks can be high as well. Bitcoin is a volatile asset, and the market can quickly change. Research is important when considering investing in cryptocurrencies. It is also important to remember that, in the future, banking CEOs may make similar statements to Thiam’s, and it is important to take them with a grain of salt.