When BTC was trading at $7,000, the bank's then CEO suggested Bitcoin wouldn't last. But now, it's the Swiss financial institution's future that's looking uncertain.
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Back in November 2017, the then CEO of Credit Suisse faced a backlash after he dismissed Bitcoin as a "bubble."
Less than two months before BTC broke through $20,000 for the very first time, Tidjane Thiam had described the cryptocurrency's anonymity as a challenge — and raised fears that the digital asset could be used for money laundering. And he added:
"From what we can identify, the only reason today to buy or sell Bitcoin is to make money, which is the very definition of speculation and the very definition of a bubble."
And despite the criticism he received at the time, he doubled down in a Bloomberg interview — warning Bitcoin had "unattractive characteristics."
A lot has changed over the past five years. BTC did fall back from $20,000 before accelerating to new heights of $69,000 in November 2021.
And it hasn't been lost on Bitcoiners that Credit Suisse has now been snapped up by rival UBS in a cut-price deal.
The banking giant had suffered a slew of scandals and eye-watering losses in recent years, with shares plummeting and customers pulling their deposits.
On Twitter, VanEck's strategy advisor Gabor Gurbacs wrote:
"I am old enough to remember when the Credit Suisse CEO said Bitcoin is a bubble. Bitcoin was $7,000 then. Bitcoin is now $28,000. Meanwhile, Credit Suisse is getting acquired by a competitor and being bailed out by central banks."
Binance's CEO Changpeng Zhao also chimed in, commenting:
"Bitcoin never fights back, but those who attack it will fail/fall."
Blockware's head analyst Joe Burnett put it a different way, writing:
"Over 5 years ago, the CEO of Credit Suisse called Bitcoin a bubble. Since then, BTC is up 318% and Credit Suisse just sold for ~1/5 the size of Dogecoin."
Back in 2017, few would have thought that Bitcoin would outlast Credit Suisse.
But with the latest shockwaves reverberating through the banking sector, some now consider BTC a safe haven during a time of economic turmoil.
And even as banking stocks fall, the world's biggest cryptocurrency has been showing signs of strength — decoupling from Wall Street and breaking through $28,000.
So far in March, Bitcoin has accelerated by 20%.
For Bitcoiners, it seems like revenge is a dish best served cold.
