Bitcoin Forum

Speaking on CNBC yesterday, former chairman and CEO of Wells Fargo Bank Dick Kovacevich made the statement bitcoin a scam.

"I think it's a pyramid model, it does not make sense, I'm just amazed that bitcoins are not going down," he said on CNBC's "Squawk on the Street."

What do you think about this statement?

It is just another addition to the list of bitcoin haters. Like bitcoin didn't make sense to Mr. Dick (Lol!!), his statement didn't make sense to me because he called bitcoin a pyramid model. It clearly shows that he doesn't even know a bit about bitcoin. To him, it's probably an alien coin. SO it's better that we ignore his mischievous statement and forgive him. Let him do well in the banking business and I hope he will try to gain some knowledge before he makes another foolish statement about bitcoin. 

It's a bank. So what do you expect.
Bitcoin is probably the biggest threat to them since they exist.
And they know this very well! So they will do anything to slow down it's further progress.
Bitcoin can't be stopped, if they like it or not. The glorious days of banks as we know them today are going to find an end sooner or later.

I think Banks are afraid of Bitcoin because it means less profit for them.  And less chance of keeping people's money and paying them hardly any interest.  So they get rich on their customers money.  So if Bitcoin is a scam then they are bigger ones. 

yes no matter what, the top bankers, and government people will always be negative, just ignore their comments,

He's clearly wrong but if the cryptocurrency market is going to stay so unregulated that scams like Bitconnect thrive and make big news when they crash, then the entire industry gets harmed in the process.

That's just one more comment on bitcoin that people don't know about bitcoin.
We can completely ignored it, his words may be a little authority in the banking industry, but in the currency of this, he completely don't understand what he said is completely can be regard as a prank
He is a banker, and bitcoin is a rival to the banking industry, and we can assume that he is speaking to his competitors.

So he made a statement with non confidence. He is the only one who states that bitcoin is scam and he is only one who states that he don't understand why bitcoin is not going down. So he has no authority to predict that bitcoin is scam or not. I mean if you don't have any clues regarding its existence then how could you predict it's scam nature or how could you claim that one. So you see that's kind of people who creates bad hype in the market. Better skip such news.

He's just another bitch who doesn't believe in Bitcoin , feeling exciter when the price of Bitcoin is down is a fucking hatred that always shows up at bankers . No wonder about his statement because he already chose his side in the Bitcoin vs Bank war.

What can I say, how many people, so many opinions! No wonder, this is neither the first, nor the last bad news about bitcoin.
Capitalization and popularity of bitcoin, speaks for itself, so let them say they want;)

What can you expect from them, not much. All CEO of banks all over the world says the same thing over bitcoin. They are obviously against bitcoin ever since it caught the attention of people and investors. I just dont care what they say about bitcoin i still believe in it and will continue to invest and trade.

Well Fargo is part of the biggest scam of the century = The global banking system

Do you believe in scammers? Those bankers scam people, then when many collapsed in 2009 and governments used our tax money to rescue those filthy rich guys

Well he is a former CEO of Wells Fargo so its just normal for people like him to say such statements simply because they are against of the gaining popularity of bitcoin. They are seeing it as a threat due to some account holders are moving their savings to invest in crypto thinking it was better than let your money sleep in the bank.

Haters dont have any good to say for crypto so giving them attention is a waste of time.

He is a bank man of course he really does not like bitcoin because bitcoin is an enemy to them because they know in the presence of bitcoin and if bitcoin appears to the surface then many banks will close.
He talks like that because he does not know what a bitcoin actually he is just a layman who is not knowledgeable about crypto.

Of course they won't agree with Bitcoin, the cryptocurrency is threatening them so the way it can be solved is to attack directly the reputation of the currency, its obvious they are BANKS and the competition is CRYPTO which is very popular right now.

Yes mate i agree , obviously Bitcoin is the most dangerous enemy with banks so if you're a bitcoin-ers , don't you ever listen to CEO of global banks,they definitely will drag you down .

Banks has no reason to talk in favor of Bitcoin, Bitcoin is the Bank Killer!

Well, as soon as you learn how banks are creating money just out of thin air EVERY TIME they give a loan, when you hear statements like this one you can't but start to laugh like crazy :D

Besides the fact that wells fargo = scam.
This guy is 74 years old, don't take advice about crypto from people who do not use and/or understand the underlying technology anyway.

Bitcoin can still be compared to a financial bubble, but not with a pyramid, and not with fraud. Fraud is when you seize your means by deceit or abuse of trust. Here, no one deceives anyone. Everything is very clearly and clearly arranged. Also in this case there is no pyramid. Subsequent investors do not pay for the previous ones. Here the market law is completely working - supply and demand.

Of course he will tell that it is a scam they are affected by Bitcoin. If he really knows what he is talking about Block chain is really far from a pyramid scheme.

This billionaires are just hating on Bitcoin because their FIAT will  soon be worthless.

It doesn’t make any sense that we make time to listen or even discussing a particular person that is obviously so attach to the banking system he work to or been biased about it.. It’s the same mindset with Jaime Dimon and Wells Fargo wanted a spotlight of his own.. Jealousy and selfishness is the real reason behind this statement and only God knows when this would stop because they themselves look terribly stupid..

It should be expected that the big banks are going to bitch, downplay, and try to question the legitimacy of cryptocurrencies as they perceive that cryptocurrencies are a threat the the existence of the legacy banking systems. Cryptocurrencies cut them out as middlemen and reduces their profits. it should be expected that they are going to go on the warpath and as crypto gains momentum I expect that we will see much more of this kind of thing. With BTC market cap approaching 2 billion USD, they are taking notice for sure.

Is there any hard evidence to support your claim? I guess its just a CONSPIRACY theory and it will remain to that.

this is all i can see from your statement. and that is enough to show you what i think!

who else is left? which bankster is going to call bitcoin scam, fraud, Ponzi, dead,... this time? and more importantly how much are they going to invest in bitcoin right after they said this?!!!

I think they are just using these claims as an escape rope to the dooming future of banking. LOL

Well ofcourse it would not affect us considering that we know the truth.  That bitcoin is not a scam us what he said. Maybe he did not know anything about bitcoin for him to say those things.  Or maybe he is just bluffing so people will sell their bitcoins and he will buy many.

Its either the old man don't understand how cryptocurrency works or he wants to buy coins for himself. First it was Jaime Dimon and now Wells Fargo. The next  person who would tell us bitcoin is fraud would be the people from stock market and forex where their traders move to crypto trading after they all manipulate the price action.

Another person is calling bitcoin scam then in few weeks he will say that he is wrong likr many before. This is something that is becoming boring to see that some person say something that will regret later. JP Morgan made same mistake last month, what is now we could expect one every month so that we cannot be bored.

It was not a mistake at all. It was a well planned and executed attempt to get the market to plummet by having Jamie Dimon abuse his position as CEO of the largest wall street bank.

I personally find it to be a combination of insider trading and market manipulation, so it would actually make sense to have him sued. I vaguely remember having read about certain people that were considering doing that.

I however don't think it will have any impact anyway. Bitcoin's lacking regulations offer these financial institutions enough freedom to do things like this. Even if so, the SEC should act accordingly in this case.

You could definitely stalk his financial portfolio after he says that. Remember when another famous CEO have said the bitcoin is a fraud....What follows is that their customer ended up buying bitcoins because the price dramatically drop due to his statement. I think this is another strategy of those wealthy people who just want to jump in to bitcoin but can't jump in right ahead because the price is too high. That is why they creating a news that will be more advantageous to them. By the way, it is just my opinion. ;)   

100% agree... Banks and Gov's are worried, it threatens there businesses and current financial models

So maybe the scams are called wells fargo because many have lost their trust because they were scams and lost money. Former Wells Fargo CEO called Bitcoin a pyramid scheme this week on CNBC’s Squawk on the Street. The timing of this talk from Wells Fargo former-CEO Dick Kovacevich ended up being ill-timed, as less than 24 hours later, the bank began to have an “issue” which drained customer accounts.

That's like VCR calling DVD a scam, lmao. Always keep in mind that it is in these bankers best interest to 'talk their book' and dismiss crypto. It just buys the banks more time collecting rent on the traditional system

There are some banks that say bicoin as a scam, because bitcoin growth is very fast, and is considered a threat, because it is difficult to control and monitor, it may need rules governing it.

I've also heard the news about it, as per Wells fargo CEO, he never called bitcoin a fraud or scam but just a pyramid scheme. he said it's like you’re betting somebody’s going to buy bitcoin so people do. As per him, these fundamentals makes no sense. Well, another well known CEO here who in the end will be a self confessed fan of bitcoin.

Stupid statement of course!
How many times we heard about BTC is a bubble BTC is a scam?
They don't even know OR read OR study it but just barking lmfao :D

The fate of bitcoin is not defined. Everything depends on us. We got our hands a good tool to get financial freedom. But our greed and laziness can prevent this. Many users think that it is possible to do nothing and bitcoin will make them millionaires. Such actions can really turn the bitcoin bubble. The choice is up to each of us.

mostly all financial institutions said bitcoin is scam bitcoin will continuously grow

from the birth of bitcoin, many people call it a scam, and the price goes like today. So keep independent thinking of bitcoin

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"The blockchain is real," CEO of JP Morgan Jamie  Dimon CEO of Wells Fargo added in the interview. "You can have cryptodollars in yen and stuff like that. ICOs ... you got to look at every one individually. The bitcoin was always to me what the governments are going to feel about bitcoin when it gets really big. And I just have a different opinion than other people."

wells fargo simply make buys on this  ;D

$1 to $20,000 in 8 years. Bitcoin users should be scared.

It is normal for a bankers to make that statement to protect their business because they are one of the sectors that is affected by crypto revolution. Their investors are slowly divert their investment to cryptocurrency and they are also affected in terms of transactions. Many shifted to cryptocurrency to avoid higher fee and efficiency.