JPMorgan Chase Chief Disses Bitcoin as 'Terrible' – Is Anyone Surprised?

JPMorgan Chase Chief Disses Bitcoin as 'Terrible' - Is Anyone Surprised?It what is likely the least surprising attack on bitcoin, the chief executive of the largest U.S. bank by assets, JPMorgan Chase’s Jamie Dimon, called the virtual currency a “terrible store of value.”
What was really surprising was Dimon’s apparent lack of thorough knowledge about the bitcoin network and offshoot altcoins, one of the Internet’s biggest peer-to-peer phenomena which has no signs of slowing.
“It’s a terrible store of value,” said Dimon. “It could be replicated over and over.”
As a top mainstream banker, it’s not surprising that Dimon spoke of the regulatory questions surrounding the de-centralized, peer-to-peer virtual currency — especially  considering JPMorgan’s recent troubles with anti-money laundering compliance.
Chase is one of several big banks targeted by U.S. regulators and the Justice Department for lax money laundering controls. In response, Chase will require I.D. proof from anyone making cash deposits at its branches starting next month.
“It doesn’t have the standing of a government,” Dimon said about bitcoin. “And honestly, a lot of it — what I’ve read from you guys — a lot of it is being used for illicit purposes.  And people who will get upset with it is governments. Governments put a huge amount of pressure on banks: know who your client is, did you do real reviews of that. Obviously it’s almost impossible to do with something like that (virtual currencies).”
Ironically enough, according to a U.S. patent published last year, JPMorgan Chase envisions a “web cash” system — that comes very close to replicating the peer-to-peer transactions of bitcoins and other cryptocurrencies that increasingly are making the world’s biggest banks uneasy about the future of e-commerce.
As for bitcoin’s fate, Dimon added: “They will eventually be made as a payment system to follow the same standards as the other payment systems and that will be probably be the end of them.”
Other payment systems? Like “web cash”– perhaps?

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