Don’t be fooled by sheep in wolves’ clothing though. When JP Morgan’s CEO declares Bitcoin a fraud it’s important to remember that the company has a blockchain department. If you’re investing a dollar in Bitcoin, it represents more than $1.00 lost business to JP Morgan; the implications of any future transactions you perform further cut out middle-men, like JP Morgan.
Bitcoin, in theory, makes any transaction easier — not just the ones that evade taxes or purchase drugs. It’s easy for banks and traders to whip the average person into a frenzy – farmers don’t know why they need Bitcoin yet, but most decent people are pretty sure they don’t want to support darkweb drug markets.
But why would JP Morgan — or anyone else for that matter — want to convince you that Bitcoin is bad but blockchain is good? Bitcoin is as good as the blockchain, according to experts. It might not be the best investment, but calling it a fraud or saying it’s worth zero is a classic case of ‘The lady doth protest too much.’ There’s a lot of smug money tied up in Bitcoin right now. The really smart people in finance want people to start dumping it off because, while they’re convincing you that Bitcoin is a fraud with one hand: they’re trying to sell you a different cryptocurrency with the other.
According to best-selling author and financial expert James Altucher 880 out of the 900 or so cryptocurrencies will ultimately prove worthless. If he’s right, the cryptocurrency market — despite the big players swearing up and down that blockchain is the future — will collapse save a few strong contenders for your e-wallet.
Bank of America, JP Morgan, and Mark Cuban all have stakes in cryptocurrency, perhaps the cryptocurrencies backed by major players will squash all but the oldest and most valuable ones, like Bitcoin and Ethereum.
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