The cryptocurrency "ticks all of the boxes that we consider to be essential criteria of any asset bubble," including a fivefold surge in trading volumes over the last five years, lack of financial regulation and the launch of related financial instruments such as bitcoin futures.
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However, like many business leaders and analysts from traditional financial institutions, Allianz's Hofrichter says the blockchain technology behind bitcoin "clearly has potential merits," such as lower costs on verifying transactions.
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Bitcoin has fallen sharply since leaping 2,000 percent in the 12 months through December to a record high above $19,000. The cryptocurrency was trading near $8,700 on Wednesday, according to CoinDesk's bitcoin price index.
Neither does bitcoin have any intrinsic value because it does not have a claim to the assets of a government or company and does not generate any income, Hofrichter said. He added that bitcoin is also not a viable currency because of high transaction fees, high price volatility and inability to be used as a store of value.
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