Bitcoin ‘bubblish,’ blockchain attractive: China Renaissance’s Fan Bao

Bitcoin is usually not as attractive as the distributed ledger technology which underpins the item, a Chinese investment banker has said.

Fan Bao, CEO of investment bank China Renaissance, told CNBC Wednesday which the entire world’s biggest cryptocurrency was “getting a little bit bubblish.”

“I think we have to separate bitcoin coming from the blockchain,” Bao said. “I think blockchain is usually very exciting technology, probably the most disruptive technology in our industry, the financial services industry.”

Blockchain is usually a decentralized database of transactions maintained across a network of computers around the entire world, rather than in one single location.

Bao joked which if someone has invested in bitcoin, they could be “getting some not bad returns,” nevertheless he expressed doubt about the virtual coin.

The cost of the cryptocurrency surpassed $6,100 over the weekend, reaching a fresh all-time high. the item has been faced with much volatility over the last few months, falling as low as $3,766, before recovering significantly.

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