Feeling a Little Insecure? JP Morgan Issues a Report Critical of Bitcoin

Now this is special. John Normand, JP Morgan’s head of global FX strategy has just issued a report on Bitcoin to educate his “sophisticated” clientele on why they must avoid the revolutionary payment protocol and currency Bitcoin. Coindesk has done some excellent reporting on the matter. They write:

Released on 11th February, a new report by US-based multinational financial services company JPMorgan issued a sharp critique of bitcoin and other digital currencies.

The eight-page report, authored by the company’s head of global FX strategy, John Normand, aimed to present the “risks and opportunities” posed by bitcoin.

Normand writes:

“As a medium of exchange, unit of account and store of value, it is vastly inferior to fiat currencies.

Since governments are quite unlikely to accord it the status of legal tender, bitcoin or other virtual currencies would not reach the scale and scope to render them worthwhile for widespread commerce, payments or investment.”

Normand explains:

“Recall that currencies don’t become widely used spontaneously or through a grassroots campaign. They become widely used nationally because a government declares them legal tender, and they become widely used internationally because they are legal tender in a significant economic area with large, unrestricted capital markets.”

Yes slaves, don’t try anything new. Sure, Bitcoin has gone from nothing to a $8 billion valuation in five years, nothing to see here. Obey. Your government loves you. Only politicians and Central Banksters are sophisticated enough to create money and handle it. Don’t get any big ideas. Think small, that’s where we want you serfs.

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