ABN Amro takes Bitcoin down
In a new analysis, ABN Amro states on several levels that Bitcoin is nothing.
When a bank makes statements about cryptocurrency, it is not uncommon to have question marks. In several respects, a bank has no interest in being positive about crypto. It is an investment (or payment) tool that is of no use to them. In that regard, the latest analysis of Bitcoin from ABN Amro is not entirely surprising.
ABN Amro on Bitcoin
In the extensive analysis, the bank discusses several aspects. Both Bitcoin as a means of payment and as an investment. ABN’s opinion is clear in both respects. For both payments and investments, they do not believe in Bitcoin as a serious alternative to ordinary money.
The conclusion contains a long list of disadvantages and a short list of advantages. And even in those benefits there are no words of praise. The position of ABN Amro about Bitcoin is therefore clear. Among other things, the bank says that Bitcoin has no economic value, it is not a real item like gold or wine, for example, it is highly volatility and therefore speculative.
Not a very surprising analysis. After all, a bank is not an independent institution. Although crypto is becoming more and more common, there are still major financial institutions that would rather see it go away than keep it.
