Ulrich Stephan warms to stay away from Investing In Bitcoin:
The chief strategist of Deutsche Bank recommended investors to avoid Bitcoin:
“I would simply not recommend this to the everyday investor,” said Stephan in his interview reported by Reuters.
He thinks that high volatility in price and the fact Bitcoin has no legal regulation makes the cryptocurrency unattractive for investors.
Bitcoin has not accepted as a legitimate financial instrument from Central Banks worldwide including the European Central Bank and the Central Bank of Russia. However, this is not a proof in a certain future, that countries will not start a legal implementation of this digital currency.
Despite the criticism, Bitcoin has risen in price, becoming the Top 1 instrument in cryptocurrency market. Stephan noticed, that German investors, who were suspicious about investing in stocks, showed an interest to Bitcoin. From the start of this year, Bitcoin demonstrated a great jump in price, breaking the mark of $8,000 in value. Besides, many analysts suppose the Bitcoin will reach $10,000 before the end of 2017.
Many investors are scared off Bitcoin’s volatility. But recent developments, such as launching Bitcoin futures by CME Group and Coinbase’s recent offering of a keeping service showed that the situation is changing on the international area.