Cryptocurrency News

Cryptocurrency a “scam”, says the CEO of JP Morgan

The positive and negative inputs from the pioneers in the corporate and economic sector affect the value of cryptocurrency in the market and the way it is received in the market. A prominent personality to comment upon the legitimacy of cryptocurrency is the CEO of JP Morgan, Jamie Dimon; this is not the first time he has commented upon what he perceives Bitcoin to be. He has said that cryptocurrency is merely a scam and that he is utterly uninterested in it. This was said by him at the 25th Annual celebration at the Aspen institution. These were among the other few general comments he made. His comments were repeated by other prominent people in the market such as Nouriel Roubini, Roubini has also been a critic of cryptocurrency for the longest period of time.

The CEO did not stop at calling cryptocurrency a fraud, he had also gone onto say that cryptocurrency will soon be shut down by a few governments because they are inept in dealing with the constraints created by it. Even in September the previous year, Dimon, in an extreme stance had gone on to suggest that cryptocurrency is a fraud. He could not maintain this stance for too long and soon apologized stating that he is in “regret” regarding what he had stated. He had also clarified that he would no longer be inclined to talk about cryptocurrency. Moreover, he also refrained from commenting about cryptocurrency when asked by a number of reporters about what he thought of them. This incident took place in January 2018.

In the following months, when the pioneer was interviewed, he had several positive things to say about cryptocurrency, especially blockchain. But he also went on to clarify that his enterprises will not have anything to do with them.

It can be noticed that the relationship between the CEO of JP Morgan, who is quite an influential personality in the market and the newly risen sector of cryptocurrency is strained. There are no clear indications from the firm as to what would be its stance on cryptocurrency in the near future. However, a lot of other firms are incorporating cryptocurrency and these banking firms as well as prominent stock exchanges are also ensuring that Blockchain technology is promoted in the different sectors of their respective countries, for example, ICE has made a partnership with several corporate giants like Microsoft and Starbucks to bring cryptocurrency in the mainstream markets. Future will tell if JP Morgan will continue to hold the aversion towards cryptocurrency.

Paul Jolin

Paul Jolin is an economist having experience in financial research. He joined CoinNewsSpan in 2017 and since then has been working with the team to offer best price analysis and review stories on the crypto space. He is optimistic about blockchain technology's use cases in terms of financial freedom. He also has experience as an independent trader.

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