To most of the Bitcoin community, Jamie Dimon is a villain. The Chairman, CEO and President of JPMorgan Chase—the largest bank in the United States—has been expressing skepticism the cryptocurrency for about as long as Bitcoin believers have been telling one another to “hodl.” Chart of Bitcoin’s value.
Photo: Coinmarketcap.com Dimon first dipped his toes into the Bitcoin conversation with a healthy dose of negativity back in 2014 when the chief executive told CNBC that Bitcoin is a “terrible store of value” and “could be replicated over and over.” Among Dimon’s criticisms of the cryptocurrency was the fact that it hadn’t achieved any form of legitimacy and lacked the type of backing that allows a fiat currency to maintain its value. “It doesn’t have the standing of a government,” he warned.
Dimon also noted that Bitcoin’s uses were often questionable at the time. “A lot of it is being used for illicit purposes.
And people who will get upset with it is governments,” he said. “Governments put a huge amount of pressure on banks: know who your client is, did you do real reviews of that.
Obviously it’s almost impossible to do with something like that.” Because of that, he suggested that Bitcoin would have difficulty ever achieving mainstream acceptance. “The question isn’t whether the the bank accepts bitcoin…the question is do we even participate [with] people who facilitate bitcoin,” he said. Read more from ibtimes.com…
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