As Credit Suisse (SWX: CSGN) becomes another banking giant to feel the effects of the widespread crisis that has already crashed several financial institutions and put many others at risk, it is worth reminding of the words of its former CEO, who claimed Bitcoin (BTC) was a bubble.

Indeed, the former Credit Suisse CEO Tidjane Thiam was skeptical about Bitcoin, arguing that the flagship decentralized finance (DeFi) asset was “the very definition of a bubble,” the anonymity of which presented a challenge, as he stated at a press conference back in November 2017.

Furthermore, he claimed that the use of Bitcoin in criminal activities was another challenge for the cryptocurrency and that banks were disinterested in getting involved with “a currency which has such anti-money laundering challenges.” However, banks jumping on the crypto train later proved Thiam wrong.