Marion Laboure, a macro strategist at Deutsche Bank and a lecturer at Harvard, said that the first cryptocurrency “has moved from trendy to tacky”.
“It took bitcoin a mere three months to go from trendy to tacky, and all it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” Laboure said, using a paraphrase of a well-known statement of fashion mogul Karl Lagerfeld. Once he said that “trendy is the last stage before tacky”.
It is highly possible that Marion Laboure’s speech refers to the news that Tesla began selling bitcoins. Notably, the information appeared just after the company’s CEO Elon Musk posted a new tweet. Of course, analysts paid the closest attention to it. Some of them even assumed that investors would be upset if in the following quarter they learnt that Tesla had sold all its bitcoins. Reacting to such an assumption, Elon Musk said “Indeed” in his particular manner. Market participants concluded that the answer proved the possibility of the bitcoin sell-off.
At the same time, Marion Laboure thinks that a strong dependence on rumors points to the fact that bitcoin may soon lose its popularity. She also added that the “plunge in the cryptocurrency space was proof that digital currencies can quickly become passé”.
