Severin Cabannes of Frence Banking Giant Societe Generale: Bitcoin is a Bubble


Severin Cabannes, deputy chief executive of French banking giant Societe Generale, called bitcoin a bubble and said his bank is not investing, or interested, in the cryptocurrency. Cabannes’ comments mirror those offered by Swiss banking giant Credit Suisse CEO Tidjane Thiam who claimed bitcoin was “the very definition” of a bubble, last week. Their comments come as bitcoin has grown more than 650 percent in the past year, an unprecedented rate of growth. However, Cabannes is avoiding the cryptocurrency because “we don’t know very well what are the market drivers behind this price valuation.”


Some financial institutions really are imprisoned by the walls of their own making.


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