Paul Donovan, the global chief economist at Switzerland-based UBS Wealth Management, believes Bitcoin (BTC) may be on its death throes following its near 80% correction in 2018, which Donovan calls “not healthy.”
Paul Donovan who was interviewed by CNBC’s fast money regarding his latest article titled “I come to bury bitcoin, not to praise it”, believes that anyone with a high school education in economics would have been able to see that bitcoin is a bubble.
“These things were never going to be currencies, they’re not going to be currencies at any point in the future; they’re fatally flawed,” he said.
According to the economist, from the start, Bitcoin and the like would never be currencies. Their designers are brilliant at maths. Their designers appear to know nothing about economics. The real value comes from matchmaking supply and demand.
However, Twitter users reacted to the recent interview and needless to say, no one took this guy seriously.