Bitcoin WARNING: one of Europe’s biggest insurer claims cryptocurrency is WORTHLESS

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In a brand-new blogpost, Stefan Hofrichter from Allianz Global Investors, which handles almost 500 billion euro, said bitcoin is a textbook foam “probably just about to burst”.

He said: “In our view, its intrinsic value ought to be zero.

“A bitcoin is a claim on nobody — in contrast to, for instance, sovereign binds, equities or paper money – and it does not generate any income stream.”

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Bitcoin worth: Cryptocurrency has almost halved since its December 2017 peak

He added that while one could merit comparison with the world’s largest cryptocurrency to gold, the latter has been accepted as a lay away of value  for thousands of years, so bitcoin has a lot of catching up to do.

He said: “Bitcoin’s demise resolve have few spillover effects on the ‘real world,’ since the market for this cryptocurrency is even now quite small in size.

“As a result, we believe that the risks to fiscal stability stemming from bitcoin are negligible, at least as of today.”

In our projection, its intrinsic value must be zero. A bitcoin is a claim on nobody

Stefan Hofrichter

Bitcoin valuation took a hit on Wednesday following the news Google will ban all cryptocurrency and introductory coin offering ads on its platform.

The company said it has been combating knave, malware and content scammers for the past 15 years.

The new cryptocurrency ad means are set to take effect in June.

Google’s announcement read: “This year, we updated various policies to address ads in unregulated or speculative financial products like binary choices, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs).

“We also updated our wager oning ads policies to address new methods of gambling with items that include real-world value (eg, skins gambling).

“We suspended more than 7,000 AdWords accounts for tabloid shrouding violations, up from 1,400 in 2016.”

The digital currency has more than halved in value since its December 2017 peak of $20,000.

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