Allianz Senior Executive Neil Dwane Says He Will Never Buy Bitcoin

Allianz Senior Executive Neil Dwane stated that he would never purchase bitcoin because ‘’it’s a figment of the imagination.’’ Let’s find out in the coming altcoin news below, why does he think that.

The crypto community was quick to say that this is only another ‘’old man yelling at bitcoin’’ right after other notable names such as Joseph Stiglitz and Warren Buffett initiated the wave of anti-crypto. Now, Dwane joins the team as  a portfolio manager and global strategist at Allianz after he posted on Twitter on Wednesday:

‘’I wouldn’t buy bitcoin. I believe bitcoin is a figment of everyone’s imagination. There is no evidence that you can actually get your money back out of the system. To me, it’s not a rational place to invest.’’

Dwane suffers from what is called Bitcoin FUD. Other called it ‘’rat poison’’, ‘’gambling device’’ and best tool for scamming. However, Bitcoin still continues to increase in value and surprise many of these high-end players on the market. Allianz has a share price increasing by 16 percent in the past few months and has now even increased up to 120 percent year-to-date. The indicators are also showing that the top-rated crypto is prepared to start a new bullish movement to a new all-time high.

As for the Allianz Senior Executive calling Bitcoin a ‘’figment of the imagination’’, just take a look at people in the Turkey and Venezuela and Africa who have gone decades of being unbanked. Bitcoin created a payment gateway for them since they are people who have been historically cut off from global payments and financial systems.

Dwane’s rant seems to be meant only to BTC as an investable asset. Despite Bitcoin still not being at an optimal operational level, it still excels in many aspects as a currency with more and more analysts saying it is close to reaching store of value status. As one of the best cryptocurrency news sites Bitcoinist noted, with a private email chat with a spokesperson from Allianz, the company noted:

‘’Regarding the comments of Neil Dwane from Allianz Global Investor, positions within the Allianz Group can vary, especially when looking from an insurance or asset management point of view. Investors should decide for themselves whether they think bitcoin and other cryptocurrencies are a predictable store of value and can serve as a stable medium of exchange. An asset manager might advise against it, but an insurer might, for example, insure bitcoin wallets.”