Fan Bao, CEO of investment bank China Renaissance, says Bitcoin is getting ‘bubbly’
As more and more institutionalized money movers try and make sense of the cryptocurrency revolution that is happening, many are calling Blockchain the game changer, trying to separate it from Bitcoin.
In a world where banks have hegemony over money, there are many calls slating Bitcoin while boosting Blockchain as two separate entities.
Fan Bao, CEO of investment bank China Renaissance, has said Bitcoin is not as attractive as the distributed ledger technology that underpins it.
‘Getting a little bubblish’
Bao, in his assessment of Bitcoin, also added that he believes it is starting to get a little ‘Bubblish.’
"I think we have to separate Bitcoin from the Blockchain," Bao said. "I think Blockchain is a very exciting technology, probably the most disruptive technology in our industry, the financial services industry."
Bao went on to add that those who had gotten into Bitcoin early enough would be profiting, but his overall opinion was doubtful of the digital currency. Bao joins many traditional investors who use the facade of a bubble to discredit the digital currency.
The likes of Jamie Dimon and BlackRock’s Larry Fink have been highly critical of Bitcoin in recent weeks. However, they have also both showed their interest in the Blockchain.
One of the applications
Bao went on with his praise of the Blockchain and degradation of Bitcoin, by stating that the digital currency aspect is “just one application.”
"Obviously, right now it's getting a little bit hot, like the weather outside, getting a little bit bubblish. I'm a strong believer in Blockchain in terms of its wider application in our industry."
There has been a boom in interest and adoption of the Blockchain from a number of major companies and banks – including BBVA, Bank Danamon and National Australia Bank.
On top of that, the Bitcoin haters at JP Morgan and Royal Bank of Canada, have said that they will be investing in the Blockchain.