Date
12 December 2017
Some respondents to a CNBC survey  believe bitcoin is a fraud, while others say they do not know enough about the cryptocurrency to have an opinion. Photo: Bloomberg
Some respondents to a CNBC survey believe bitcoin is a fraud, while others say they do not know enough about the cryptocurrency to have an opinion. Photo: Bloomberg

CFOs say bitcoin is real but many think it’s in a bubble

More than 40 percent of chief financial officers (CFOs) around the world think bitcoin is real, according to a CNBC survey.

CNBC received 43 responses from its Global CFO Council to a survey about its views on bitcoin. According to the result, 12 of the respondents think that it is “real but in a bubble”, and six respondents believe it is “real and still going higher”.

Meanwhile, another 12 respondents said they believe bitcoin is a “fraud”, while the remaining 13 said they do not know enough about the cryptocurrency to have an opinion.

Of the finance chiefs based in Europe, the Middle East and Africa, 41 percent said that bitcoin is “real but in a bubble”, higher than that in the United States (20 percent) or the Asia-Pacific region (28 percent), according to the survey.

A third of respondents in EMEA also think bitcoin is a “fraud”, higher than their counterparts in other regions of the world.

Roughly 21 percent of American CFOs think bitcoin is in a bubble, compared with about 29 percent in the Asia-Pacific area.

The survey was conducted from Nov. 3 to Nov. 16. Ninety-seven CFOs on CNBC’s Global CFO Council were asked and 43 of them responded. One of the CFOs on CNBC’s council, Solvay executive Karim Hajjar, said he was unsure about bitcoin.

He told CNBC in an interview: “It’s not a currency we are using for a multibillion-dollar business … it’s something we are curious about, we are very very open to, but we haven’t found a way to really integrate it into our business.”

“If a hypothetical customer comes to us and says, ‘I have a bunch of bitcoins to buy your products’, first thing I’ll probably want to do is not turn them away but probably find a way to sell those bitcoins before I commit to the order and then really make sure we meet the needs of that customer,” he said.

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