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:
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.”