Chamath Palihapitiya: Bitcoin cannot be a scam

JPMorgan CEO Jamie Dimon described Bitcoin as a scam during a banking conference hosted by Barclays earlier this month and claimed that governments would soon shut down the Bitcoin network.. Dimon, who could not keep up with his pace, also said that he would fire any employee who buys or sells Bitcoin.

‘There can be no scams’

In response to Dimon’s comments, Palihapitiya said that there are limits to what governments can restrict and regulate in the Bitcoin industry and market.

Palihapitiya, 41, stressed that governments and financial regulators can control trading activities in Bitcoin, but the peer-to-peer protocol cannot manipulate or censor it.

Palihapitiya responded to the ‘fraud’ claim as follows:

“Precision with no. Can’t be scam. No government intervention. We are talking about a peer-to-peer system.. You can eliminate Bitcoin to the extent that you can eliminate the will and actions of every single person in the world.”

Bitcoin’s price dropped from $4400 to $3900 after Dimon’s comments. Many analysts think that this decline in Bitcoin is probably due not to Dimon’s comments, but to the Chinese government’s decision to impose a nationwide ban on Bitcoin exchanges.

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