James Rickards on Bitcoin: This is the only question I agree with Daimon on
Lawyer, finance expert and bestselling author James Rickards was interviewed by financial publication Hedgeye, during which he answered a number of questions, including about cryptocurrencies. Unlike some experts who believe that JPMorgan CEO James Dimon got excited about calling Bitcoin a hoax, Rickards shares his point of view, although he disagrees with him on many other issues..
“This is the only question on which I agree with Jamie Dimon. I am a pretty harsh critic of Jamie Dimon. But when he says, “This is a deception, this is a pyramid,” I fully support him. I call [bitcoin] a pyramid that nobody is responsible for. There is no Madoff here (note – the creator of one of the largest financial pyramids, sentenced to 150 years in prison), but it works the same, “- said Rickards.
While the number of bitcoin supporters is growing along with its course, Rickards believes that the cryptocurrency, which was introduced to the world in 2009, still has a lot to prove. “In addition, it is often used in criminal schemes, including in the sale of weapons, drugs, for money laundering, tax evasion and even more terrible things that I do not even want to talk about, which deserve even more blame.” said Rickards. All this does not allow taking Bitcoin seriously..
“Bitcoin has not passed the battle test in the economic cycle. We haven’t had to deal with a recession or financial crisis since 2009. I have seen all other asset classes go through many economic cycles. I know how they will behave. Bitcoin has not been tested on this field, “Rickards concluded..
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