It allows individuals to by-pass banks and other traditional financial institutions while paying for goods and services.
JPMorgan Chase CEO Jamie Dimon however, has taken a shot at bitcoin, labelling the cryptocurrency a fraud.
Market Bubble
Its worse than tulip bulbs.
It wont end well.
Someone is going to get killed, Dimon said at a banking industry conference organized by Barclays.
Currencies have legal support.
It will blow up.
He added: The currency isnt going to work.
So there may be a market for that, but it would be a limited market.
Family ties
He went on further to say that his own daughter had purchased bitcoin.
It went up and she thinks shes a genius now.
He has also predicted big losses for those investing in bitcoin.
Dont ask me to short it.
It could be at $20,000 before this happens, but it will eventually blow up, he said.
Honestly, I am just shocked that anyone cant see it for what it is.
source: www.techworm.net
