Pages Navigation Menu

United States news, headlines, events , stories and all that is trending today

JPMorgan Goes In On Bitcoin: Kolanovic Asks “Are Cryptocurrencies A Pyramid Scheme?”

One day after Jamie Dimon slammed bitcoin, sending its price reeling after he called the cryptocurrency “fraud”, warning it “won’t end well”, and threatening to fire any JPMorgan trader caught trading bitcoin “for being stupid” (a move some dubbed diplomatic genius as JPM’s 20% guide down in trading revenues got zero mentions yesterday) JPMorgan has released its unofficial guide on bitcoin. While that was perhaps to be expected as we are confident the bank was flooded with phone calls from clients who were long the best performing asset class of the year, if not decade, what is much more surprising is who the author of said report was: none other than JPM’s notorious quant guru, Marko Kolanovic, who simply asks “are cryptocurrencies a new asset class or a pyramid scheme?

While we know how Jamie Dimon feels, Kolanovic’s conclusion is less draconian, if mostly along the skeptical lines of his boss’ thinking: “While we don’t know whether the price of cryptocurrencies will go up or down in the near-term, the history of currencies, governments and financial fraud tells us that the future for cryptocurrencies will likely not be bright.” …

This post is from zerohedge.com/fullrss2.xml/fullrss2.xml/component/option%2Cc.. Click here to read the full text

The best life hacks ever revealed to help make things easy everyday

Follow us on twitter @UnitedStatesTD

Also, Like us on facebook

Leave a Comment

Your email address will not be published. Required fields are marked *