Published on September 16th, 2017 | by bitcoin0
Bitcoin is compared to a ‘pyramid scheme’ by top quant strategist at JPMorgan
JPMorgan’s top quant strategist backed his boss this week in bashing bitcoin, warning that the cryptocurrency is likely a “pyramid scheme.”
Bitcoin needs to be mined, or discovered, by people using computers to solve problems.
Earlier this week, JPMorgan CEO Jamie Dimon called bitcoin a “fraud,” saying that the cryptocurrency “won’t end well.”
Bitcoin plunged about 13 percent Thursday after one of the biggest exchanges in China said it will shut down its operation.
“It’s not worth it to look at bitcoin two months, two weeks ahead,” Lee argued, saying he still believes each bitcoin will be worth $25,000 in five years.