A short while ago JP Morgan CEO Jamie Dimon made a comment heard all around the cryptocurrency world, and well beyond—that bitcoin was fraud. Well that comment is turning into a movement as BlackRock CEO Larry Fink has banded with Dimon in saying that governments around the world need to “crush” bitcoin. Dimon and Fink say that the only real utility for the currency is to skirt the law for illicit activities. Dimon’s comments are well known, but Fink adds that the price of bitcoin is an “index of money laundering”.
FINSUM: Bitcoin may be used for a lot of illicit activity at the moment (who knows to what extent), but one thing Dimon and Fink are wrong about is the direction of it. Cryptocurrencies are not going away.