Allianz catches up

What took it so long?

“In our view, its intrinsic value must be zero,” Stefan Hofrichter, the company’s head of global economics and strategy, wrote in a recent web post. “A bitcoin is a claim on nobody – in contrast to, for instance, sovereign bonds, equities or paper money – and it does not generate any income stream.”

(See https://www.bloomberg.com/news/articles/2018-03-14/bitcoin-is-worthless-bubble-may-pop-soon-allianz-global-says)