Bitcoin has failed in its attempt to be a currency and stands no chance of succeeding in this role in the future. It’s fatally flawed. This is according to Paul Donovan, the chief global economist at the Swiss investment bank, UBS. Following a scathing internal blog post he penned down just days ago, he appeared on CNBC to clarify his stand, and he had no kind words for cryptocurrencies. Donovan stated that cryptos’ fundamental flaw was that they are never going to be a store of value. In what has been a common phenomenon with most crypto skeptics, he concluded by saying that he believes blockchain technology has massive potential.
Just a few days ago, Donovan composed an internal blog post for the Basel, Switzerland-based investment bank which tore into cryptos. Borrowing from William Shakespeare’s famous play Julius Caesar, the post was aptly titled ‘I come to bury bitcoin, not praise it.’