- Allianz global strategist believes Bitcoin is an imagination
- He said that he would not invest in Bitcoin
Neil Dwane, portfolio manager and global strategist at Allianz, said that he would not purchase Bitcoin (BTC). He explained that his decision is related to Bitcoin being a “figment of everyone’s imagination.” Nonetheless, there are other analysts at the company that are in favour of Bitcoin.
Analyst and Portfolio Manager At Allianz Would Not Buy Bitcoin
According to the Wall Street Journal reporter Steven Russolillo, Neil Dwane does not believe in Bitcoin. On Twitter, he quoted him by saying that he would not purchase the digital currency and that there is no evidence that investors can get their money out of the system.
“I wouldn’t buy bitcoin,” says Neil Dwane, portfolio manager & global strategist at @Allianz.
“I believe bitcoin is a figment of everyone’s imagination. There is no evidence that you can actually get your money back out of the system. To me, it’s not a rational place to invest.”
— Steven Russolillo (@srussolillo) June 5, 2019
This is just another individual that, as he does not understand how Bitcoin works, decides to attack the crypto network and space. There are other critics such as Warren Buffett or Jamie Dimon that have also criticized Bitcoin and digital currencies.
During this year, Bitcoin was able to surge and reach the highest level in more than 8 months, becoming one of the best-performing assets this year. There is an increased interest in digital currencies from larger investors and other companies that helped the virtual currency reach $9,000 a few weeks ago.
According to Allianz, positions within the company can change, especially when looking from an insurance or asset management point of view. At the same time, they said that investors should decide for themselves whether they think Bitcoin and other virtual currencies are a predictable store of value.
There are other companies such as Fidelity Investments and the Intercontinental Exchange (ICE), that have been paying close attention to the crypto market and are now developing their own services and products for crypto enthusiasts and investors.
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[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.