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Nov. 3, 2017

The CEO of Zürich-based stock holding company Credit Suisse (TIKER: CS.NYSE) Tidjane Thiam has expressed caution about Bitcoin (TIKER: BTC.EXANTE), saying the current interest in it could eventually subside, The New York Times reported.

"Bitcoin presents a number of challenges. The first of them is really the anonymity," Thiam said. "I think most banks in the current state of regulation have little or no appetite to get involved in a currency which has such anti-money laundering challenges.

According to him, “the only reason today to buy or sell Bitcoin is to make money, which is the very definition of speculation and the very definition of a bubble."

Bitcoin rocketed above $7,000 for the first time on Thursday, after a more than sevenfold increase in its value since the start of the year.

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