- The zeal around bitcoin is “increasingly cultist” according to Will Hobbs, the chief investment officer of Barclays Wealth & Investments.
- Hobbs also said a rise in interest rates could dent the world’s biggest cryptocurrency.
- Yet big names like BlackRock are increasingly interested as the bitcoin rally continues.
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Bitcoin sounds “increasingly cultist” and could prove to be a “flightless bird” if interest rates rise, the chief investment officer of a major wealth manager has said.
Will Hobbs, the CIO Barclays Wealth & Investments, said his firm is not interested in the world’s biggest cryptocurrency at the moment, despite its recent record-breaking rally. He added that he thought the currency was backed by a “lot of magical thinking.”
Yet retail investors remain the central drivers, according to analysts at JPMorgan. They said in a note last week that there had been “relatively little institutional flows” over the past 5 months.
Hobbs said Barclays Wealth Management was steering clear of the cryptocurrency mainly because of its wild