(New York)

Allianz, the global financial firm, says that Bitcoin is worthless and that the bubble is about to burst. While the firm may be better known in its native Europe, Allianz is a major player speaking out against the cryptocurrency. “In our view, its intrinsic value must be zero … A bitcoin is a claim on nobody – in contrast to, for instance, sovereign bonds, equities or paper money – and it does not generate any income stream”, says Allianz, Europe’s largest insurer.

FINSUM: We thought the bitcoin bubble had already burst! Allianz really seems to think it will go to zero. We do not, as we believe it will slowly develop into a digital value store as the regulatory regime surrounding it gets harmonized.