Bitcoin is worthless

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Bank of England warns Bitcoin could become ‘worthless’

They are going to regulate it for anti-money laundering purposes, for Bank Secrecy Act purposes, for tax," Dimon said, referring to banking regulations in a conversation held virtually by the Institute of International Finance. Dimon, head of the largest U. This summer, JPMorgan gave wealth management clients access to cryptocurrency funds, meaning the bank's financial advisers can accept buy and sell orders from clients for five cryptocurrency products. Stating that his views are different from those of the bank and its board, Dimon said he remains skeptical.

They disagree. If they want to have access to buy or sell bitcoin - we can't custody it - but we can give them legitimate, as clean as possible access. Bitcoin trading showed no immediate reaction to Dimon's comments. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol. Presenting Partner. Technology Partner. Associate Partners. JPMorgan's Jamie Dimon blasts bitcoin as 'worthless', due for regulation "No matter what anyone thinks about it, government is going to regulate it.

Related stories. Trending news. JPMorgan's Jamie Dimon blasts bitcoin as 'worthless', due for Why Budget works for startups. Desktop Version ».

Is bitcoin useless?

Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities. Sign in. Accessibility help Skip to navigation Skip to content Skip to footer. Become an FT subscriber to read: Why bitcoin is worse than a Madoff-style Ponzi scheme Leverage our market expertise Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities.

will bitcoin be worthless News: Latest and Breaking News on will bitcoin be worthless. Explore will bitcoin be worthless profile at Times of India.

Bitcoin Is up 1,000% Since 2020—Yet the CEO of America’s Largest Bank Still Thinks It’s Worthless

When the richest person in the world gives his support to a virtual currency you know it's big business. Elon Musk has told users of an online social media app that he thinks the virtual currency, Bitcoin, is a "good thing. His comments resulted in the value of Bitcoin rising significantly. As talk of the currency has gone global, the Bank of Singapore has suggested that the year-old currency could replace gold as its store of value. However, in October, the head of the Bank of England, Andrew Bailey, warned about the unpredictability of Bitcoin, saying it makes him, "very nervous". With all this talk you're probably wondering - what is Bitcoin and how does it all work? Here's everything you need to know.

The Bank of England says Bitcoin could become 'worthless'

bitcoin is worthless

The outspoken nature of the claim was par for the course at the time. During the last few months of the year, crypto prices were skyrocketing. Despite warnings it was a bubble, investors with no prior knowledge of financial technology were rushing to get in on the action, pouring money into little-known startup ventures that promised them easy riches and quick rewards. If it seemed too good to be true—that's maybe because it was.

Think Again.

JP Morgan CEO Jamie Dimon says bitcoin is 'worthless'

If you're a human and see this, please ignore it. If you're a scraper, please click the link below :- Note that clicking the link below will block access to this site for 24 hours. Christy was so convincing that I promptly went out and found myself a hobby. My hobby is asking people whether they understand bitcoin. So far, no one does.

Dimon Knocks Bitcoin Again: Crackdown Likely on 'Worthless' Cryptocurrency

While some older forms of cryptocurrency have been in existence since the 's, most people learned about cryptocurrency through the lens of the monumental rise of Bitcoin. Founded in under mysterious circumstances, Bitcoin has taken us on a roller coaster ride of epic proportions and created many "new rich" in the process. On other other hand, plenty of experts say it's doomed to fail. In fact, famous investor Kevin O'Leary recently said in a YouTube video that he wouldn't invest in Bitcoin because it is a "giant nothing-burger. Whether you should or shouldn't invest in Bitcoin is a decision you'll have to make on your own.

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By Paul R. Jamie Dimon bashes bitcoin again, calling it 'worthless' By Paul R. More Videos

The Bank of England's deputy governor, Sir Jon Cunliffe, said it had to be ready for risks associated to the rise of the cryptocurrency after its rapid rise. Around 0. However, it added there was little direct threat to the stability of the UK financial system from cryptocurrencies. But a tautology does not a currency make. Belsham said that while the ultimate number of Bitcoins in circulation is not expected to be reached until February it would become increasingly harder to sustain the system over time. And were that to happen, investors really should be prepared to lose everything.

He has now reiterated his sentiment on Bitcoin, calling it "worthless" and comparing its trading to smoking cigarettes.

All rights reserved. Charles St, Baltimore, MD The leading cryptocurrency by size is trying to break out further, after an already pretty strong run from the recent lows. This tells me there could be room to run if momentum chasers pile in. He added the following:.

Many companies featured on Money advertise with us. Opinions are our own, but compensation and in-depth research determine where and how companies may appear. Learn more about how we make money. As digital assets become more widely popular, the original and most popular cryptocurrency will take market share from gold, Goldman Sachs analyst Zach Pandl wrote in a research note to clients on Tuesday.

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  1. Osraed

    I think this is a delusion. I can prove it.