If you’ve been looking for someone who wants to play the bearish case associated with BTC as well as other cryptocurrencies, then you’ve come to the right place. The Head of Investment Strategies at Barclays Smart Investor, William Hobbs made a claim. He stated, “the rout in cryptocurrencies is still not finished.”
Following the Bank of England making a warning to City bosses, one that placed cryptocurrencies into their business plans – poses some risks considered to be reputational. There was also a representative from the United Kingdom’s top institutional investment firm that noted himself for his belief that the crypto market would continue to be looked down at as a scam.
According to the Express.co.uk, Barclays Smart Investor’s Will Hobbs beliefs, the current prices of cryptocurrencies has only been the result of some speculative type frenzies, also stating:
“The frenzy surrounding crypto has ebbed and flowed with prices. Through the several hundred percent of ascent over 2017, to the c.70 percent decline since Bitcoin’s 2017 peak there has been no commensurate — or even perceptible — change in the fundamental prospects in the crypto currency. The same applies for most of its peer group.”
If looking at other traditional institutions in the UK, who haven’t shown as much optimism for cryptocurrencies, it would appear tokens will never be accepted. This isn’t necessarily the case at Barclays however, who has been one of the more bull-headed firms when it comes to emerging assets. Earlier this year in April, there were reports filed on the multinational investment bank, based out of London. The reports pretty much declared that any financial services-oriented companies were thinking of starting trading desks for Bitcoin.
Barclays also notably serves as Coinbase’s bank in the United Kingdom – nearly penning the deal during a time when the many different banks that ran traditionally around the world would start showing aggression against cryptocurrency dealings.
Even after all this, Hobbs didn’t refrain from expressing his feelings with some very harsh words on how Bitcoin along with the cryptocurrency market, saying:
We continue to argue that without a role in the global economy, the intrinsic value of many of these cryptocurrencies still sits a long way below their current trading levels. This role is still elusive in many cases, while the arguments behind the idea of a future ‘bitcoin standard’ are still economically illiterate.
None of the cryptocurrencies currently fulfill any of the criteria that we would look for in an investible asset and we would continue to advise extreme caution. The rout in cryptocurrencies is still not finished.
At some point, every bear market has to come to a stop, some people even believe that the end is in sight as we speak. What’s your opinion on the relationship between Barclay and cryptocurrency, including the statements made by Hobbs? Tell us your thoughts in the comments section below.