Bitcoin ‘Definitely Not a Fraud’: Fintech Startup Revolut CEO

Mainstream banking giants such as JPMorgan and UBS might be skeptical of bitcoin, but fintech startups such as Square and Revolut are embracing it as a logical outgrowth of the digital revolution.

In an interview with CNBC, Revolut CEO Nikolay Storonsky stated that, despite the protests of JPMorgan head Jamie Dimon, bitcoin is “definitely not a fraud”. Like many cryptocurrency advocates, he drew parallels between the markets for bitcoin and gold.

“Real-world usage for gold is quite limited. But still there is a huge market, huge volumes that are being traded in the market, and these volumes determine the gold price,” he said.

Similarly, bitcoin might not be used for everyday transactions — at least right now — and the bulk of its volume may be speculation-driven, but most commodities are the same way…

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