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CEO of JPMorgan Calls Bitcoin a Scam

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CEO of JPMorgan Calls Bitcoin a Scam

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The world of cryptocurrency today is still dealing with a number of problems including a bearish 2018. Bitcoin is still far from its all-time high, not to mention there is an anticipation of the worst. Goldman Sachs, for instance, is anticipating Bitcoin to further slip its price this year.

Then, you also have experts in finance that left a bad comment regarding cryptocurrencies. More recently, you have the likes of Jamie Dimon, the CEO of JPMorgan who called Bitcoin a “scam” and mentioned that he had “no interest” in it.

Dimon isn’t the only one that has a negative opinion about the cryptocurrency. The likes of Bill Gates and Warren Buffet also expressed negative opinions regarding the niche calling it gambling.

Dimon was at the Aspen Institute’s 25th Annual Summer Celebration Gala when we commented on the cryptocurrency. Dimon mentioned that he thinks that the government may even shut down the cryptocurrency mainly because of their inability to control them.

Not The First Time

As for Dimon, this isn’t the first time that he spoke negatively about Bitcoin. In September 2017, during the time when everyone was excited about Bitcoin, he called Bitcoin a “fraud”. After releasing this statement, he mentioned that he “regretted” his choice of words regarding the cryptocurrency.

He mentioned last October that “I wouldn’t put this high on the category of important things in the world. But I’m not going to talk about bitcoin anymore”.

He also clarified that he is “not a skeptic” of the cryptocurrency. He was also interviewed in the July-August issue of Harvard Business Review. Dimon refused to comment directly on cryptocurrencies saying that “I probably shouldn’t say any more about cryptocurrency”.

However, Dimon pointed out that blockchain technology is “real”. In fact, JPMorgan is “testing it and will use it for a whole lot of things”.

Mixed Signals

The recent statement by the JPMorgan CEO sends mixed signals to the niche. In fact, Daniel Pinto mentioned a few months ago that cryptocurrencies “are real but not in the current form”. He even added that the executives are looking into the industry. This was during the time when Goldman Sachs announced that it is working on offering Bitcoin futures.

Bitcoin on a Decline

Bitcoin has continuously declined over the past few days. It is currently trading below $7,000. Many were anticipating the approval of a Bitcoin ETF. Unfortunately, the second application by Cameron and Tyler Winklevoss were shut down once again by the US Securities and Exchange Commission. Their reason this time is their fear of price manipulation. This was coupled by Goldman Sachs’ warning that the price of the cryptocurrency is going to continue to slide.

There are crypto experts that have predicted Bitcoin to outperform its all-time high from last year. You have the likes of Tom Lee who thinks that Bitcoin is about to reach $22,000 before the year ends. It is the anticipation of institutional investors that gave this kind of optimistic forecast. With regulatory clarity slowly taking place in different parts of the world, are we going to see Bitcoin to have another bull-run?

 

 

Lee Jenkins

Lee is our resident cryptocurrency expert who knows the ins and outs of each coin and the blockchain technology behind them. You’ll find that most of our technical guides are written or overseen by Lee and they are all easily digestible by the new and experienced alike, so there is no better place to learn blockchain 101 than here. Occasionally you may see a news article from him if it’s tech related!

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