Paul Donovan Blasts at Bitcoin Again, says, “Bitcoin is Bubble, While Blockchain is Different”

Tabassum Bitcoin News published November 30, 2018 | modified November 30, 2018

paul donovan blasts bitcoin calls it bubble

Paul Donovan Blasts at Bitcoin Again, says, “Bitcoin is Bubble, While Blockchain is Different”

Image source: Executives magazine

In a race where many economists view bitcoin as a bubble, UBS executive, Paul Donovan join the rally blasting Bitcoin again. In a recent interview with CNBC, Donovan talked about bitcoin and the recent wave across crypto market which he calls “not healthy”. Looking at his latest blog post, entitled “I come to bury Bitcoin, not to praise it”, began claiming cryptocurrency as a bubble, “may be in its death throes”, Anthony Pompliano took twitter stating;

While Bitcoin is Bubble, Blockchain is a different – Donovan

UBS Chief Economist has recently written a blog post blasting on Bitcoin and also join CNBC’s fast money interview to talk about the same. He said Bitcoin “an evil bubble” and will never be a currency. The article claimed that the crypto designers are good at Bitcoin but appear to be poor at economics. He pointed out that the real value of a currency comes “aligning demand and supply”.

The underlying technology of blockchain, the distributed ledger system – that’s different. He went on pointing, “There’s an economic proposition there; again, there’s a certain amount of hype around it, but to go from that to ‘Bitcoin is going to replace the dollar’ is quite a leap.”

Donovan as Bitcoin cynic wrote that;

“I think anyone with a high school education in economics has been a Bitcoin skeptic right from the start,” adding, “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.”

Crypto enthusiasts react Donovan’s Claim

Following his claim, Twitter enthusiast went on denying and reacted assertively over the claim

In addition, closely looking at the coinmarketcap, Bitcoin was trading at $4005 with market cap $69,697,967,302. XRP holds second position and Stellar overtaking Bitcoin Cash for the first time.

What’s your stake on Bitcoin’s upcoming value and the claim of Donovan? Let’s discuss
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