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Bitcoin dismissed as 'kind of cute'
A couple of financial heavyweights don't think much of bitcoin. J.P. Morgan CEO Jamie Dimon told delegates at Wednesday's Fortune Global Forum that: "It's just not going to happen. You are wasting your time," reports The Daily Telegraph.
"There will be no real-time, non-controlled currency in the world. There is no government that is going to put up with it for long. It's kind of cute now, a lot of senators and congressmen will say, 'I support Silicon Valley innovation', but there will be no currency that gets around government controls."
Sharing the platform, Christine Lagarde, managing director of the IMF, was equally scathing.
"Pause for a second. As long as those new technologies are going to abuse and take advantage of the yield for anonymity, I think the banking industry has quite a few good days ahead of it; as long as it takes ownership of those issues of capital and culture in order to restore trust, without which no trade, no transaction, no business can take place," she said.
It's hard to know whether their scorn is a genuine expression of contempt or hides a deeper feeling of panic.
Photo: BTC Keychain