For years financial corporations have criticized cryptocurrencies such as Bitcoin and BTC, while often praising the underlying blockchain technology.
Her negative statements about cryptocurrency have at times followed her institution's active interest in decentralized Ledger technology – some of which went as far as the registration of cryptocurrency patents and the launch of block-based pilots.
With this in mind, we've decided to look at some of the comments from prominent financial institutions to get a better idea of where they are about cryptocurrencies and blockchain technology.
First, business magnate Warren Buffett, who made headlines this week after saying Bitcoin was a deception.
CEO of Berkshire Hathaway Investment Corporation
Speaking to Becky Quick CNBC billionaire chairman and CEO of Berkshire Hathaway investment group, said: "… Blockchain is not important. "
" It does not produce anything, you can stare at it all day, and it does not come out with little bitcoins or anything like that, "Buffett added.
Buffett's latest comments on Bitcoin will not be a surprise for diehard crypto-currency enthusiasts At the time, Buffett called on investors to shun the cryptocurrency and referred to them as " rat poison in square ".
Despite Buffett's personal opinion on Bitcoin, BNSF Railway Co a unit within the Berkshire Hathaway conglomerate ̵
Jamie Di mon
US businessman and billionaire Jamie Dimon has long since rejected Bitcoin.
In 2015, Dimon doubted the potential of Bitcoin for long-term survival.
At the Fortune Global Forum, he said people were wasting their time on digital currencies like Bitcoin, adding:
"This is my personal opinion, there will be no real, uncontrolled currency in the world. There is no government that will accept it for a long time […]. There will be no currency that bypasses government control. "
A few years later, in September 2017, Dimon Bitcoin called a fraud, but made a backlash criticism in January of the following year, saying he regretted his comments.
Although critical of Bitcoin, Dimon said he thought Blockchain had been real in the same interview with Fox Business, but stressed he was still worried about "how governments will feel about Bitcoin when it gets really big . "
JPMorgan Chase, the company whose chairman and CEO is Dimon, recently announced plans to launch a new digital asset that many said was a cryptocurrency (but not ) .
The economist Vitor Manuel Constancio was Vice President of the European Central Bank (ECB) from June 2010 to May last year.
In December 2016 News appeared, according to which the ECB examined the use of distributed ledger technology in addition to the Japanese central bank. An internal task force focusing on technology was also created.
Then, in September 2017, Constancio said : "Bitcoin is a kind of tulip. It is indeed an instrument of speculation for those who want to bet on something that can rise and fall in a few days by 50 or 40 per cent, but certainly no currency, and certainly we do not see it as a threat to the central bank system or monetary policy , that's for sure.
The Italian economist Mario Draghi has been president of the ECB since 2011 and has previously said that it is not the institution's job to regulate cryptocurrencies.
Draghi commented on this part of the # AskDraghi video series by the ECB with the words: "It is not the responsibility of the ECB."
During the clip, Draghi said he would "think carefully" before purchasing Bitcoin, but perceive nothing as being a currency. "While the value of the euro is stable," he added, "the value of Bitcoin is fluctuating wildly."
Draghi has also blown up the decentralized nature of Bitcoin. "The euro is supported by the European Central Bank. The dollar is supported by the Federal Reserve. Currencies are supported by central banks or their governments. Nobody supports Bitcoin. "
However, this was not the first time Draghi had commented on the lack of regulation of crypto currency space. Already in September 2017, he said that the ECB had " no power to regulate Bitcoin" and in the following November Draghi said that cryptocurrencies had a limited impact on the world economy
] Recently Draghi refuted rumors that the ECB wanted to spend a digital currency. In a letter from to Mr Jonás Fernández, a Member of the European Parliament, Draghi confirmed that the central bank was analyzing the consequences of issuing a digital currency from the central bank, but explained why no imposition was planned.
Last but not least, Brian Moynihan, Bank of America Chief Executive Officer, said, "The policy of anonymous currencies should be scrutinized for the ability to track information about the flow of money, is one We use it seriously against terrorism and as a kind of [tool] against inappropriate, illegal behavior. "
Moynihan's comments could not be more explicit, but they seem to be quite uncomfortable, considering that Bank of America is the bank with the most Blockchain patents.
The first patent related to Blockchain was filed in March 2014 and released more than a year later, in September 2015, by the US Patent and Trademark Office. The patent application did not include the w ord blockchain, but it was a system where funds were sent between accounts using the underlying technology of cryptocurrencies.
In March 2016, Bank of America, a member of the Block 3 Consortium of R3 unveiled this work on the development of a block-based study focused on trade finance.
Bitcoin Bad, Blockchain Good
It is perfectly plausible that individuals are dealing with the cryptocurrency debate, and their personal opinions do not always match. Of the companies that run or represent them, it is not surprising that These companies are exploring the potential of a technology that has previously promised to maximize efficiency and achieve better returns.
Bitcoin, on the other hand, has long been suffering from a branding problem as many critics aim to reduce its long-term potential based on the fact that it is being used to fund illegal activities.
In this sense, the financial sector is made consistent Do you want to be thrilled with blockchain technology to the detriment of Bitcoin? I think so – the fear of missing the next wave of innovation is real, but also the fear that a competitor will have a better end result.
Published February 27, 2019 – 09:11 UTC