Oh, how the mighty have fallen. It seems like only yesterday that Credit Suisse’s CEO, Tidjane Thiam, dismissed Bitcoin as a “bubble” back in November 2017. But fast forward to 2023, and the bank has suffered scandal after scandal, with shares plummeting and customers withdrawing their deposits. Oh, how the tables have turned.
It’s hard not to chuckle at the irony. Back in 2017, Bitcoin was just a fledgling digital currency, and Credit Suisse was a giant in the banking world. But now, Bitcoin has outlasted Credit Suisse, proving to be a safe haven during times of economic turmoil. Meanwhile, Credit Suisse has been sold off to rival UBS in a cut-price deal and has had to rely on central bank bailouts to survive.
Of course, we can’t forget the criticism Thiam received for his comments about Bitcoin. He warned that the cryptocurrency had “unattractive characteristics” and could be used for money laundering. But it seems like the only thing being laundered these days is Credit Suisse’s reputation.
Bitcoiners are having a field day, as they should. VanEck’s strategy advisor, Gabor Gurbacs, pointed out the obvious: Bitcoin was $7,000 when Thiam called it a bubble, and it’s now sitting pretty at $28,000. Meanwhile, Credit Suisse is being sold for a fraction of the size of Dogecoin.
Even Binance’s CEO, Changpeng Zhao, couldn’t resist throwing some shade Credit Suisse’s way. He commented that:
“Bitcoin never fights back, but those who attack it will fail/fall.” Ouch.
It just goes to show that even the biggest banks in the world aren’t immune to the unpredictable nature of the financial world. And while Bitcoin may have had its doubters in the past, it’s proving to be a resilient and valuable asset in these turbulent times. So let’s raise a glass to Bitcoin, and maybe send a sympathy card to Credit Suisse.
