Banks are ‘afraid’ of the ‘volatile’ digital currency Bitcoin, says wealth advisor

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The remarks came as JPMorgan CEO Jamie Dimon publicly denounced the virtual currency Bitcoin as a «scoundrel».

He claimed the original cryptocurrency was «just no the real thing» and that it last wishes a «eventually be closed»

His comments sent Bitcoin and cryptocurrency holders into «momentary panic».

After Dimon’s comments Bitcoin prices dropped by 8 per cent and meant that the expense sank below $4,000. 

Rainer Michael PreissYOUTUBE / GETTY

Rainer Michael Preiss express some financiers are very wary of Bitcoin

Jamie DimonGETTY

JPMorgan CEO Jamie Dimon publicly reviled the virtual currency Bitcoin as a ‘fraud’

Of course, if you run a very large U.S. bank, most as likely as not you are afraid of blockchain and bitcoin

Rainer Michael Preiss — Executive captain at Taurus Wealth Advisors

Now Rainer Michael Preiss, executive head at Taurus Wealth Advisors has said some financiers are very prudent of Bitcoin. 

He said some believe cryptocurrency is an unwise investment because of its volatility and pale store of value. 

«Of course, if you run a very large U.S. bank, most unquestionably you are afraid of blockchain and bitcoin,» said Mr Preiss.

However, the Singapore-based property advisor who believes in the strength of Bitcoin, which is essentially an alternate way to market wealth, said it could be leading the ‘fourth industrial revolution’. 

He touch oned CNBC cryptocurrencies could present investors with a viable substitute given the uncertainty from banking’s lack of transparency.

«The concerns are up the fractional reserve banking system, and the balance sheet of the Federal Hesitancy at $4.5 trillion, where the Fed officially refuses an audit,» he said. 

«On the other calligraphy control, on the Bitcoin blockchain, you have an audit everyday because it’s open-sourced.»

Bitcoin exigency execrates blockchain technology to record every single transaction that is moulded, which means all users will get a full view of the digital ledger.

Patrick ByrneDither

Patrick Byne scoffed at the recent remarks by Jamie Dimon

A express aspect of Bitcoin however, says Mr Preiss, is that cryptocurrencies could be a ‘routine hedge’ against the risk of asset price inflation, an increase in the expenses of assets that are not everyday items, which central banks arrange potentially helped to create.

CEO for internet retailer Overstock Patrick Byrne scoffed at the new remarks by Jamie Dimon.

Mr Byrne is a noted advocate of Bitcoin and its underlying technology, the blockchain.

“Reward that a year-and-a-half ago Jamie Dimon wrote a letter to shareholders break ‘this is going to come eat our lunch.’ He was scared to death of it. I think what they regard was they could get in front of it and they are realizing they can’t get in front of it,” he described US TV show Mornings with Maria.

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