Wells Fargo calls bitcoin is a scam

[Ozero]

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.

[boboking]

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.

[Kingofbitcoin12345]

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..

[SGMPhil]

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.

[ActiveWizard77]

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.

The FRAUD is 100 wallets own 98% of bitcoins and 10 players control those 100 wallets.

It's like a poker game where the mark (public in this case) doesn't realize the other players are in complete control of the game.

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

[BitcoinHodler]

....chairman and CEO .... Bank: .... "bitcoin a scam"....

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?!!!

[ClumsySmile45]

....chairman and CEO .... Bank: .... "bitcoin a scam"....

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

[Xester]

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?

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.

[cabron]

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.

[azguard]

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.

[BitHodler]

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.

[zentdex]

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.    

[roblccx]

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'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.

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

[Sadnu]

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.

[glaciercapital]

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

[BORNEO82]

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.

[Tharel]

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.

[EMINeMxShOw]

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

[Lancusters]

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.

[cryptobluemoon]

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