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Bitcoin is the ‘very definition of a bubble’: Credit Suisse CEO

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Thiam won’t be paying with bitcoin.

Credit Suisse Group AG CS, +4.93%  Chief Executive Tidjane Thiam made clear where he stands on bitcoin, joining a growing rank of high-profile bankers and financiers to scorn the soaring cryptocurrency. The widely reported remarks came at a news conference in Zurich and on the same day bitcoin BTCUSD, +4.55% soared beyond $7,300 for the first time as it and other major digital currencies continued a 2017 tear that’s drawn increasing scrutiny from Wall Street, regulators and investors. Indeed, bitcoin’s current leg higher was fueled in part after the CME Group Inc. CME, +3.06% the world’s largest exchange owner, earlier this week announced it would launch a bitcoin futures contract, cheering digital currency fans who saw the move conferring a degree of legitimacy. Bitcoin has seen a more-than-sevenfold increase so far in 2017. But the sharp rise has stirred fears that cryptocurrencies are in the throes of a bubble, with manic market participants seeking to buy the digital currency, not as a store of value, but purely on the expectation they will continue to rise in price.