J.P. Morgan: Watch Out For Bitcoin

A senior J.P.Morgan official wrote in a recent note to clients that Bitcoin is a risky investment and may be too dangerous to function as a viable currency.

John Normand, JPM’s chief global FX strategist, wrote that, “As a medium of exchange, unit of account and store in value, it is vastly inferior to fiat currencies.”

Normand also suggested that Bitcoin’s role in the global economy will remain marginalized, Coindesk reported on Feb. 11.

”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,” he wrote.

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