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Following the collapse of Credit Sussie, cryptocurrency proponents recalled bearish comments made by the CSGN.S Chief Executive of the bank in 2017.
The CEO of Cardano called traditional banks a scam and further spoke out about his experience with the bank nine years ago.
The Bitcoin skeptics from years ago seem to be eating back their words, as the cryptocurrency has not only maintained its position as the most valued asset for years, it has also enjoyed mass adoption, and Bitcoin bulls have managed to overpower the bears on many different occasions.
Tidjane Thiam, the CSGN.S Chief Executive, was one such skeptic who made it clear he was bearish on the apex cryptocurrency. Like a handful of traditional banks, Credit Suisse has also been hit in the current global financial crisis being recorded mostly in Europe and the United States.
Key players in the crypto market did not hesitate to point out that Credit Suisse is experiencing a crash, while Bitcoin has continued to move upwards.
Charles Hoskinson speaks about his experience with Credit Suisse from nine years ago
Back in 2017, Tidjane Thiam disclosed his stance on Bitcoin, stating that the digital asset was a bubble. This sentiment was common amongst traditional investors who were of the opinion that Bitcoin had no intrinsic value, and that Bitcoin’s reign, like the dotcom bubble, will only be temporary.
According to Thiam, one of Bitcoin’s major challenges is its anonymity. He remarked that existing banks which mostly dealt with strict regulatory policies at the time, would not have any interest in getting involved with the asset, which has such anti-money laundering challenges.
He proceeded to say that from what he can identify, making money is the only reason why one would partake in buying or selling bitcoin. That in itself is the definition of speculation and the very definition of a bubble, He added.
When his comments were made, in November of 2017, Bitcoin had recorded a mild price jump, pushing it slightly above $7,000. At press time, the asset has more than tripled its value from the time the comments were made.
Meanwhile, Charles Hoskinson, the founder of Cardano has gone on to recount the experience he had with the bank nine years ago.
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The Credit Suisse people said, ‘oh, too dangerous, crypto, we couldn’t possibly consider, it would be so unstable, and so terrible, and we have a reputation to protect, we’re here for the long term, we’ve been here for over 150 years, and we couldn’t embrace this crypto thing,’ and lo and behold, who’s buying Credit Suisse – UBS – only if the Swiss government bails them out.” Hoskinson said on his podcast. The Cardano boss is of the opinion that the traditional banking system is failing because it is a Ponzi scheme.
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