The chief exec of JP Morgan Chase & Co said:
Bitcoin is a fraud and that anyone who trades bitcoin is stupid.
That he would fire them in a second.
The currency is not going to work.
One of his daughters bought some and now thinks that she's a genius.
don't ask him to short it, it could be at $20,000 before losses happen.
My thoughts:
He doesn't know or care what bitcoin is. If bitcoin is a fraud that function in sync with the blockchain's structure and incorruptible rules why are they so interested in the blockchain ?
Calling people stupid is just not nice as many people that are spending dollars are ignorant to the very structure of they system that you bestowed on them. Nine years in existence is a hell of a stretch to say that it is not going to work. His daughter is obviously smarter than him.
Saying it might go up to $20,000 before the bubble burst is like an invitation to investors since the price is currently hovering around $4,400 which means if he should actually trade it he wouldn't be shorting it in the near future.
Bitcoin has already proved itself. Monero and Ethereum classic are the really late bloomers. If the cryptocurrency has a specific use it will survive all the storms ahead. What one should really look deep into are the ICOs piles, there are a few stuff that may be very useful to a lot of people within that heap of junk.
"His daughter is obviously smarter than him." I second that. LOL Apparently she knows an opportunity when she sees it.
I guess he's feeling a little insecure about because since it could make his customers switch side.
That might really be the case.