JPMorgan Chase CEO denounces bitcoin as ‘terrible,’ predicts its downfall
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 centralization is what makes it so appealing. It is a peer-to-peer payment system that is formulated when computers compete with each other to “mine,” or solve cryptographic problems, and are assigned bitcoins as a reward.