23 Jan '14, 10pm

JPMorgan Chase CEO denounces bitcoin as ‘terrible,’ predicts its downfall

JPMorgan Chase CEO denounces bitcoin as ‘terrible,’ predicts its downfall

JPMorgan Chase CEO denounces bitcoin as ‘terrible,’ predicts its downfall Published time: January 23, 2014 22:33 Get short URL JPMorgan Chase & Co Chairman and CEO Jamie Dimon.(AFP Photo / Chip Somodevilla) Tags Bitcoin , Law , Politics , Security , USA The head of the largest bank in the US said Thursday that bitcoin is a “terrible store of value,” in part because international governments, bankers, and other officials are unsure whether they can trust the digital currency. Jamie Dimon, the CEO of JP Morgan Chase - which has $2.509 trillion in total assets - told CNBC that the cryptocurrency does not have much staying power because the hurdles it faces are insurmountable. “It’s a terrible store of value. It could be replicated over and over ,” he said. “It doesn’t have the standing of a government .” Bitcoin proponents say that the currency’s ability to exist without any ...

Full article: http://rt.com/usa/chase-ceo-bitcoin-terrible-downfall-100/

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