SocGen Analysts Criticized Bitcoin Over Unstable Price Movements and Musk’s Comments

The SocGen Analysts are calling the place of Bitcoin in a portfolio highly contested thanks to Elon Musk and other recently negative factors, that explain why gold is preferable now. As reported by CNBC, the analysts at the Societe Generale have called Bitcoin not quite reliable at the moment.

SocGen Analysts Warns Bitcoin not Reliable at the Moment

The latest fall in the crypto market following the plunge in the price of Bitcoin has certainly laid an impact on people and traders as they have started developing doubts about the potential of Bitcoin even though the traditional financial giants, Goldman Sachs, and JPMorgan have allowed their customers to invest in it.

Even though the fall was really significant. The recovery was not quite impressive and that is the major reason why there are questions in the minds of the Societe Generale. One of the questions is whether Bitcoin still has the potential to be given a place in the portfolios of investors.

Arthur Van Slooten and Alain Bokobza from SocGen have written this week that the fall in the prices of Bitcoin first after the Chinese ban on all the institutions dealing with the businesses related to crypto.

Tesla CEO on the Flagship Cryptocurrency

Earlier this week, the price of Bitcoin went as low as to touch the mark of $30K, but it then recovered to the level of $40K as the CEO of Tesla, Elon Musk assured that Tesla has diamond hands and the firm is not going to sell any of their Bitcoin holdings.

Elon Musk has already done a lot of damage to the leading cryptocurrency by dumping the digital asset in the name of non-environment friendly and loving Dogecoin.

Moreover, he mentioned that the meme currency Dogecoin has the potential to beat Bitcoin if some alterations to the network are implemented.