The chief investment officer of one of Europe's largest asset managers calls cryptocurrencies such as bitcoin (BTC-USD) a "farce", and says they're a result of bubbles forming in financial markets."Bitcoin will be remembered for pushing central banks to adopt digital money," Pascal Blanque, CIO of Amundi, said on Thursday, as reported by Reuters. But eventually governments and regulators will "stop the music," he added.Rather, it's more important for investors to boost exposure to China's renminbi than cryptocurrencies, he said, according to the report.Chinese currency ETFs to watch: [[CYB]], [[CNY]]Crypto trading is relatively quiet today: Bitcoin rises 1.3% over the past 24 hours to ~$38.6K, ethereum (ETH-USD) +0.3% to $2,789, Binance Coin (BNB-USD) +0.4% to $415, and dogecoin (DOGE-USD) -1.6% to 41 cents.In YTD trading, bitcoin futures have risen 5.4%, and Grayscale Ethereum Trust jumped 89%, vs the yuan's increase of 1.4% during the same period as seen in chart below.
