Bitcoin is a real asset but it is in a bubble, with many calling it a fraud. Ninety-seven chief financial officers on worldwide chief financial Officer Council were asked their view on bitcoin. Out of the forty-three that responded, almost twenty-eight percent mentioned digital currency is actual but in a bubble. Another fourteen percent mentioned that bitcoin is real and nevertheless going higher. However, almost twenty eight percent stated that bitcoin is a fraud while nearly thirty percent of chief financial officers mentioned that they do not know enough about the digital currency to have an opinion.
Of the finance chiefs based in Europe, the Middle East, and Africa, almost forty percent cited that bitcoin is real but in a bubble in comparison to twenty percent within the United States and almost twenty-nine percent within the Asia Pacific area. A third of respondents in EMEA additionally assume bitcoin is a fraud, better than their counterparts within the different areas are internationally. Karim Hajjar, chief financial officer of Solvay stated that the jury is out on bitcoin.
Karim Hajjar said:
“It is not a currency we’re using for a multibillion dollar commercial enterprise … it is something we’re curious about, we’re very open to, but we have not discovered a way to actually integrate it into our industry. If a hypothetical client involves us and says, ‘I’ve a number of bitcoins to shop for your merchandise,’ first thing I will probably need to do isn’t turn them away but probably find a way to promote those bitcoins earlier than I decide to the order after which truly ensure we meet the needs of that client.”
Bitcoin hit an all-time high on Sunday, breaking above the $8000 mark for the first time ever. The price of the digital currency is up over seven-hundred percent these 12 months.
The fast growth of bitcoin has sparked fierce debate over the future of the digital currency. JPMorgan Chase CEO Jamie Dimon famously known as bitcoin a fraud and cited that everybody who buys it is silly. UBS meanwhile called bitcoin a speculative bubble. Moreover, regulators have been keeping an eye on bitcoin with a few clamping down on buying and selling. China currently banned digital currency exchanges.
However, bitcoin seems to have shrugged off the bad noises and has benefitted from a few advantageous news that would assist bring it into the mainstream. Earlier these 12 months as an instance, Japan surpassed a regulation to permit retailers to accept bitcoin as payment. Moreover, the CME group announced plans to introduce bitcoin futures, sparking hope that this could bring more institutional traders into the fold. Bitcoin is an exceptionally risky asset and although it is had a big rally these 12 months, there has been wild swings along the way.