Amundi: Bitcoin awaits “cruel” correction if regulators begin to intervene

Europe's largest asset management firm, Amundi, has no plans to provide services to its clients.related to cryptocurrencies.

In an interview with Financial News, Amundi investment director Vincent Mortier said:

At the moment, cryptocurrencies have not shown themselves to beas a store of value, neither as a means of accounting nor as a method of payment. Cryptocurrencies are not backed by any real asset. The result of this – lack of an assessment model.

He added:

Regulatory intervention could significantlyinfluence Bitcoin. It will not fall to zero, but a rollback of 50% is quite possible. Therefore, I would not be surprised if the price of Bitcoin plummets to $30,000 or $20,000 – After all, its real value is very difficult to estimate.

While Bitcoin is hardly a popular payment currency, many companies, including Tesla, have already begun accepting Bitcoin for their goods or services.

In addition, Bitcoin – most profitableasset of the last decade. Since its launch, the price of BTC has increased by more than 40,000%. Unless Bitcoin has “established itself as a store of value,” it is difficult to find an asset that meets Vincent Mortier's strict criteria.

During the interview, the investment director also stated:

More and more of our clients are involved in social investment (EDG-funding), and bitcoin does not fit well with these plans due to its carbon footprint. We cannot ignore this problem.

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Based on materialswww.fnlondon.com