In 2017 when Bitcoin reached $7k, Credit Suisse CEO said: ”Bitcoin is a very definition of a bubble.” Since the day he said it: Credit Suisse stock has been down 95%, while Bitcoin’s price is up 335%

He (Tidjane Thiam, Credit Suisse CEO) said this at a press conference call on November 2, 2017 when Bitcoin's price was hovering at around $7,3k.

His verbatim quote:

“From what we can identify, the only reason today to buy or sell Bitcoin is to make money, which is the very definition of speculation and the very definition of a bubble.”

It's pretty hilarious to see all these banking CEOs and their anti-crypto quotes from just past couple of years shitting on crypto and then being embarrassed just by actual events in very near future.

And on other hand his banking firm that he's been CEO of has been awfully managed for years which can be seen just by looking at that constant downward chart of their stock, constant YoY decrease of their revenue, net income and assets under management, and the fact that just few months ago it almost completely collapsed and had to be sold for a very low price to other investment bank in Switzerland in a deal that was finalized this month.

If you bought $1,000 of Credit Suisse Stock and same amount of Bitcoin at the time he said this and didn't sell, you would right now have around $50 worth of their stock and around $4,350 worth of BTC.

50 thoughts on “In 2017 when Bitcoin reached $7k, Credit Suisse CEO said: ”Bitcoin is a very definition of a bubble.” Since the day he said it: Credit Suisse stock has been down 95%, while Bitcoin’s price is up 335%”

  1. An example of, Calling others “bubbles” to hide how bubble you are. No pity on him.

  2. Given the way they run their business, being criticised by Credit Suisse is a badge of honour

  3. Banks have no idea what’s about to come. They will lose a lot of customers in the future

  4. Everyone has some idea about how Bitcoin will do, but as it is, it’s all up to luck whether it actually succeeds or not

  5. To be fair in 2017 it was a bubble… but what they didn’t acknowledge is that the fundamentals are stronger than the principles of fiat money. And those fundamentals have led to a much longer term increase in value rather than the boom and bust that was being alluded to.

    And the whole concept of a trust-less monetary system directly challenges the validity of the sort of services provided by banks.

    Back in the day it was a pleasure to see traditional finance throwing shade at crypto while it was making obscene gains for anyone holding top cryptos.

  6. Fractional reserves vs capped supply..we all know the winner in the long run

  7. Credit Suisse recently crashed and had to be taken over by another bank meanwhile bitcoin is still alive and strong.

  8. It’s funny to say that the only reason to get BTC is to make money when there is also a whole p2p system of settlement built in but ok dude

  9. They have also been acquired by UBS, their main competitor because they have sustained massive losses of over $100 billion. Not to mention the multiple scandals that they have been involved in due to money laundering, corruption, spying on employees etc.

    Big banks like these just do what they want and get a slap on the wrist.

  10. That gave me a good chuckle, how r things looking Thiam? Did u manage to pop ur bubble

  11. Yeah sounds good now. But everything has its time. At that time those shares are worth a lot then and isnt worth a lot now. Bitcoin is worth a lot now but dont look down and spend time to gloat about it.

    Remember to book your profits and better your lives. Let Bitcoin give you the life you want but dont let the price consume you

  12. Banks are the very definition of a bubble. They actually think unlimited money can be printed out of thin air and that is sustainable

  13. > you would right now have around $50 worth of their stock and around $4,350 worth of BTC.

    LoL, love that comparison.

  14. The article was from November 2nd 2017, BTC had a price of 7k. Yes it it go up to almost 20k a couple months later, but it also dropped down to 3k almost exactly a year after the article.

    Textbook bubble.

  15. These posts are so stupid, Jesus.

    The worst part is that this has been posted like a gazillion times.

  16. You wouldn’t lose anything if you bought cs, wanna know why?

    You can write the losses off.

  17. How long is a bubble? Genuine question. BTC has been in a bubble for years.

    If it goes on up for another 10-15 years is it still a bubble?

    What if it carries on going on up for 30-50 years. Would it still be in a bubble even though by then it would have surpassed most of someone’s lifetime?

    The next 20-30 years + will be interesting!

  18. Banks are the puppets of the Central Banks, and the Central Banks are the puppets of the BIS (Bank for International Settlements), which itself is a puppet of the ultra elite rich people who want to protect their ponzi scheme that has been going on for decades.

  19. He should have bought BTC and HODL, like an end of year bonus he wished he had.

  20. They thought Bitcoin Suisse would collapse, now Bitcoin Suisse is getting stronger and stronger and credit suisse collapsed

  21. I don’t care what any of these companies or wealthy people have to say since they will always push their own agenda.

  22. That is a big yikes right there, i personally believe, it would be better for banks to support crypto and co-exist together rather than just be stuck in between an endless rivalry.

  23. Well truth is it popped at $69k, and could very well never break the ATH and just fluctuate between $30k and $15k

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