Marion Labour claims that to analyze the main cryptocurrency, you can use the words of the famous couturier Karl Lagerfeld “fashionable is the last stage before tasteless”
It took Bitcoin three months to go out of style and tasteless, Deutsche Bank analyst and Harvard University professor Marion Labour said, according to MarketWatch .
In her opinion, the statements of the famous couturier Karl Lagerfeld that “fashionable is the last stage before tasteless” can be used to analyze bitcoin.
The crash that occurred on May 19 and triggered massive liquidations of margin positions is proof that digital currencies can quickly become obsolete, Labour added.
“It took Bitcoin only three months to go from trendy to gaudy, and all it took for the cryptocurrency to go out of style was one tweet and a statement from the Chinese government,” the analyst said.
Probably Labour was referring to the rumor that Tesla began selling bitcoins, which was triggered by a tweet from the company’s general director Elon Musk.
On May 16, a cryptanalyst tweeted that investors would be saddened if they learned in the next quarter that Tesla had sold all of its bitcoins.
To this Musk, in his usual manner, answered evasively – Indeed. But the market took this tweet as confirmation of this possibility. Musk later denied these rumors.
On May 18, it became known that Chinese financial institutions were banned from providing cryptocurrency services, as well as cooperating with companies that provide them.
