For the renminbi to achieve that status, further steps will need to be taken, including a further opening of the capital account, the pace and modalities of which are for the Chinese authorities to decide. IV. Digital currency and fintech What do you think of Bitcoin?
What we are witnessing today is clearly a bubble, made possible by scarcity and by an expected sequence of gains which investors believe will be sustained, irrespective of the fundamentals. That is the definition of a bubble. Bitcoin is not a currency. Investors should not believe that they will be able to use it as a means of payment. It is a speculative investment.