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.
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:
Everyone Relax! The Crypto dip was caused by Mike Bell of JP Morgan claiming Governments could ban cryptocurrencies. Well … how? This is the same company that called BTC a fraud. It’s a bank FFS. They are rightfully terrified of what we are doing. But it can’t be stopped.
— John McAfee (@officialmcafee) January 16, 2018