A wealth manager is launching a trading app for cryptocurrencies. The move comes as a Swiss bank predicts that bitcoin is worth a fraction of its current trading price.
In spite of the growing uncertainty and regulatory crackdowns damaging the viability and legitimacy of digital currencies, financial advisor Devere Group has bolted on a cryptocurrency app to its product offering.
The firm cited soaring global demand for its move. The Devere crypto is the firm's second financial technology offering in less than a year, and promises a full rollout in coming weeks. The new app will be available for Apple and Android and will allow users to store, transfer and exchange five major cryptocurrencies including bitcoin and ethereum.
More Pain Ahead?
«Traditionalists who declare cryptocurrencies a fad are akin to King Canute trying to command the tides of the sea to go back,» said Nigel Green founder and Chief Executive of Devere.
However, Credit Suisse analyst Damien Boey claims that bitcoin's fair value is almost half its current price. Boey has developed a valuation method for the digital currency combining the size of the bitcoin network, and the yield spread on BBB-rated bonds.
As a result, he values the currency at roughly $6,000 – or almost half of the current price, according to a report in «Business Insider.»
