Big Banks want to destroy Bitcoin before it destroys them.
Bitcoin, the “people’s currency,” has the potential to become a new currency, free of the control of big governments and big banks.
That’s why they both want to limit this potential. Each one in their own way. Big governments by stepping up regulations of Initial Coin Offerings (ICOs) and by shutting down cryptocurrency exchanges, as the Chinese government has announced recently, crushing cryptocurrencies.
Big banks by attacking the very premise and the valuation of Bitcoin. Early in the week, for instance, J.P. Morgan Chase & Co. leader Jamie Dimon called the digital currency a “fraud,” and a “tulip bulb.”
Then there’s a Bank of America survey, which called Bitcoin, the “most crowded trade.”
To be fair, bankers aren’t the only ones that have raised their level of skepticism about the rapid ascend of Bitcoin and other digital currencies. But to call the digital currency a fraud and a tulip is more than skepticism, in my opinion. It undermines the potential of Bitcoin to become a “peoples’ currency,” and replace national currencies.
This article was first published at Forbes.com by Panos Mourdoukoutas