JP Morgan’s Mike Bell says, “Govt. will Ban Bitcoin”- adds another FUD thread
Jan 19, 2018 Posted / 5375 Views
JP Morgan can be rightly titled as the leading bitcoin controversy builders and its timing is almost unmatchable as it mostly attacks the market to slump to a new low. Recently, company’s Global Market Strategist Mike Bell, one of the top-ranked official of JP Morgan remarked that governments would ultimately ban cryptocurrencies.
This has to lead to another round of debates on the social media forums as the cryptocurrency market is already in an uncertain place at the moment amidst confusing news and updates from Korea had kept people on edge with the dilemma over a probable ban. However, this is not the first time a JP Morgan man has spilt poison for Bitcoin with external factors resounding the currency hard. When China announced an exchange ban, CEO Jamie Dimon said Bitcoin was a fraud as the prices dip to bottom.
In an interview with Bloomberg, Bell claimed that Bitcoin is a nefarious tool indicating which is why governments all over the globe could strategize to a blanket ban the entire space.
“I think that’s the main problem with it. If you’re trying to avoid the government, ultimately it’s under threat from huge regulatory risk because there’s concern around money laundering and everything else.”
He further added-
“I think there’s a big risk from government’s banning these currencies eventually.”
The world is already witnessing some bans being implemented by certain nations with China gaining some big headlines with its sturdy approach to ICOs and exchanges. At the moment, there is unpredictability in Korea about their position on Bitcoin and overall cryptocurrency.
However, the hardcore bitcoin believer John MacAfee rebuked these calls and tweeted-
“Everyone Relax! The Crypto dip was caused by Mike Bell of JP Morgan claiming Governments could ban cryptocurrencies. Well ... how? This is the same company that called BTC a fraud. It's a bank FFS. They are rightfully terrified of what we are doing. But it can't be stopped.”
Analysts suggest that it is highly unlikely that countries all over the globe can ban bitcoin and cryptocurrencies completely even if Korea joins the China stance. Even the experts are apparent that Korea geographical juxtaposition could not allow for such hard outlook as people are already rebelling against such kind of statements. It is certain that no such kind of consensus could ever be formed on it.
A member of the board of Germany’s Bundesbank Joachim Wuermeling has called for this global front in regulating Bitcoin, but that will always be difficult.
“Effective regulation of virtual currencies would therefore only be achievable through the greatest possible international cooperation because the regulatory power of nation-states is obviously limited.”
FUD and JP Morgan’s officials can be called as companions of crime as Bell did finish with a fair warning to investors.
“I just think that investors should be very cautious looking these cryptocurrencies. You need to distinguish the technology underlying them in Blockchain and these cryptocurrencies which, unless they actually have some claim on a business, and are some kind of equities stake, are for all intents and purposes very hard to value.”
He then added
“I think it would be very unwise to put any money that you can’t afford to lose into these currencies.”
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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