The value of bitcoin is “entirely based on wishful thinking”, Deutsche Bank has said in a note to clients, adding that the cryptocurrency had now become “tacky” rather than trendy for investors.
The investment bank weighed in on the cryptocurrency’s future after a flash crash saw bitcoin drop more than 30% to below $30,000 in a matter of hours on 19 May. It has later recovered to around the $40,000 mark, but remains incredibly volatile.
