Despite bitcoin's (EXANTE: Bitcoin) progress over the last few weeks, the cryptocurrency is still 'almost uninvestable.' At lest Barclays Private Bank's Chief Market Strategist Gerald Moser believes so.
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In an interview with Financial Times, Moser said the cryptocurrency's volatility makes it almost impossible "to forecast an expected return."
"The performance of the cryptocurrency has been mostly driven by retail investors joining a seemingly unsustainable rally rather than institutional money investing on a long-term basis," he added.
Moser emphasizes many investors would abandon the cryptocurrency out of any portfolio in "a typical mean-variance optimization." Meanwhile, bitcoin is experiencing a second day of massive sell-offs, losing as much as 10%.
In August 2019, the UK-based bank cut ties with the US crypto exchange Coinbase. While the reason for Barclay’s bowing out remains unknown so far, some said the bank saw high risks associated with cryptocurrencies.
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