Bank of America analyst Francisco Blanch has slammed Bitcoin as “exceptionally volatile”, “impractical” and an environmentally disastrous asset that’s useless as a store of wealth or an inflation hedge.
For good measure Blanch also asserted the cryptocurrency is an impractical method of payment as it can only handle 1,400 transactions per hour compared to the 236 million transactions processed by Visa.
The report — which echoes the hardline stance taken against crypto by traditional financial institutions in years past — is in stark contrast to other major banks such as Goldman Sachs and JPMorgan, which have since embraced Bitcoin as an asset. Read more…..
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Warren Buffett sat down with Yahoo Finance’s Editor-in-Chief Andy Serwer in 2020 and 2019 on Influencers to discuss his strategy for investing long term. This segment previously aired in 2020 and 2019.