' In a very accurate review, the CFA Institute says of Bitcoin “Whatever it is, it is not a legitimate investment.” Indeed it is, and then some.
Ever since the pseudonymous and illusive inventor of Bitcoin unleashed what should perhaps be regarded as a rebellious tool for mavericks and anarchists to place a dark and indecipherable peer to peer economy into their untrained hands some 10 years ago, digital currency has left behind a trail of destruction in the form of disappearing virtual exchanges, illicit marketplace seizures, plundering of e-wallets by self-imposed, inexperienced and unregulated ‘exchange’ owners and jail sentences for ponzi and false token schemes.'
' The CFA Institute does not consider Bitcoin as an asset class at all, but instead marks it out as “too inefficient to be a currency.” '
' 'In my view” said one CFA Institute contributor, “most of those who invest in bitcoin are effectively participating in a pyramid scheme either as a future victim or a perpetrator. Some no doubt truly believe that bitcoin will function as a currency for enabling transactions, rather than a “store of value.” But I wonder whether such people truly understand economics, our monetary system, or our business environment.' '
'Just two months ago, Goldman Sachs proved FinanceFeeds correct in stating that it will never engage in any form of cryptocurrency trading.
At that time, we stated that this is enough proof that whilst blockchain-type technology can be institutionalized, digital assets cannot.'
Bitcoin “a pyramid scheme” says CFA Institute (Dec 20, 2018)