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Author Topic: [2018-1-18] Another FUD String to JP Morgan Bow: Governments Will Ban Bitcoin  (Read 47 times)
casparthefriendly
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January 18, 2018, 02:08:12 PM
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In what looks like another well-timed attack out of JP Morgan, another one of their top men have made broad and sweeping statements against cryptocurrencies. Global Market Strategist Mike Bell has said that governments will eventually ban cryptocurrencies.

The market is in a precarious space at the moment as confusion in Korea keeps people on edge with the uncertainty over a supposed ban.

This is not the first time a JP Morgan man has timed its vitriol against Bitcoin in the wake of external factors. CEO Jamie Dimon said Bitcoin was a fraud in the wake of the China ban.

Hinting at a global ban
Speaking to Bloomberg, Bell made some broad statements about Bitcoin and its potential to be a tool for nefarious acts, indicating that for this reason, globally, governments could look to blanket ban the entire market.

“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.”

“I think there’s a big risk from government’s banning these currencies eventually.”



The globe has already seen some bans being affected by certain nations, none more so than when China made big news with its hardline approach to ICOs and exchanges.

This upsetting of the market was aided by JP Morgan CEO Jamie Dimon leading a tirade against Bitcoin.

At the moment, there is uncertainty in Korea about their stance on Bitcoin, and this new attack by a JP Morgan man seems a little too well timed.

This position is also that of Bitcoin believer John McAfee who tweeted the following:

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.

— John McAfee (@officialmcafee) January 16, 2018
A global ban?
Even if Korea was to join the likes of China in trying to ban Bitcoin and others in their borders, it does not mean that they will ever really be able to lay the killing blow.

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.”

Fair warning
While it is easy to draw parallels between this FUD and Jamie Dimon’s, 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.”

“I think it would be very unwise to put any money that you can’t afford to lose into these currencies.”


https://cointelegraph.com/news/another-fud-string-to-jp-morgan-bow-governments-will-ban-bitcoin-mike-bell
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January 18, 2018, 02:35:47 PM
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No one should take anything coming from that bank serious anymore. It was well known that their first 'Bitcoin was a fraud' message was nothing more than Jamie Dimon abusing his position, and this is basically a similar attempt, but in a milder form. One day Bitcoin will get banned by governments, and the next day they believe it's good that Bitcoin is experiencing a wider field of adoption. Nice one. Roll Eyes If JPMorgan played it a bit smarter, they could have reached a far better result than so obviously hammering down on Bitcoin, and then speak of it in a more positive tone afterwards - people easily look through this.

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January 18, 2018, 06:16:15 PM
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Ughh, these guys never learn. After Jamie Dimon eventually made the U-turn and came back to his infamous 'Bitcoin is a fraud' statement, I figured the fellas over at JP Morgan finally learned their lesson. Apparently they didn't. The funny thing is nobody gives a damn about what they think. At the end of the day they're bankers. Right now it's just a matter of time for Bell to come back to his statement as well.
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January 18, 2018, 07:54:24 PM
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Ughh, these guys never learn. After Jamie Dimon eventually made the U-turn and came back to his infamous 'Bitcoin is a fraud' statement, I figured the fellas over at JP Morgan finally learned their lesson. Apparently they didn't. The funny thing is nobody gives a damn about what they think. At the end of the day they're bankers. Right now it's just a matter of time for Bell to come back to his statement as well.

I think that he learn the lesson very well xD
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January 18, 2018, 08:38:32 PM
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Funny how they say that bitcoin can be used in nefarious activity without thinking how fiat money was exploited that way.  If we compare that two, fiat money is way more subject to money laundering because it cannot be traced while bitcoin movements and transactions can easily be traced through blockchain.  This banks always fool those who are ignorant about these system.  And government officials are just afraid of Bitcoin since their corruption can be traced if they do it in Bitcoin blockchain.

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January 19, 2018, 01:16:57 AM
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JP Morgan. Again. The funny thing about these JP morgan ceo and members are whenever they warn people to stay away from bitcoin when there's FUD is after few months  bitcoin gets boosted to pump higher.

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January 19, 2018, 01:48:16 AM
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I think the use of the word "ban" against cryptocurrency is becoming a slang now. As they always use the word against the community the more its becoming resistant and stable. Nobody can stop this community, even the most powerful one and decentralization can't be killed by single or multiple blow.

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