JP Morgan Chase CEO: Bitcoin a “Terrible Store of Value”
The CEO of JP Morgan Chase — a major financial institution — has made some, shall we say, controversial remarks on bitcoin. Primarily because he’s demonstrated in several sentences he knows very little about it.
“It’s a terrible store of value. It could be replicated over and over,” Jamie Dimon said to CNBC. “It doesn’t have the standing of a government.”
We normally try to stand objectively. But this is complete silliness. Mr. Dimon, do understand bitcoin does not simply get “replicated over and over”. On the contrary, that’s what happens with the United States dollar. The fact is doesn’t have the standing of a government is, well, one of the points.
“And honestly, a lot of it – what I’ve read from you guys – a lot of it is being used for illicit purposes. And people who will get upset with it is governments,” he said, seemingly oblivious to the fact the same exact thing takes place on a larger scale with cash-money.
Dimon continued to bring up the point that banks put a lot of work into anti-money laundering and know-your-customer efforts, stating it’s “almost impossible” to do this with bitcoin.
Does not compute. Mr. Dimon, this does not compute! One would argue bitcoin is more traceable than cash is, with transactions made publicly viewable on the block chain. Smart criminals keep their money out of banks and do what they can to keep their loot out of view. (via RT)
Tell us what you think about Mr. Dimon’s views on bitcoin.