Just at the time when you thought that cryptos are way past that stage of doubt and lousy mouthing and criminals there was another thing that pops up which is directed at tarnishing the image of cryptos. Since they became a thing, it is always being one battle after the other, in constant efforts to settle itself as a worthy thing other than the negative things which many people have desired it to be.
Calling cryptos unpleasant names
Even some of the best-known figures in the world of finance publically outed cryptos, calling them all sort of unpleasant names. Jamie Dimon, one of the head officers of JPMorgan Chase & Co. once called Bitcoin a fraud which is worse than tulip bulbs.
He continued on saying that he would fire any of his employees in a second if he finds out that they were involved with Bitcoin, just on the basis that they were stupid and against their laws. Although later he backtracked on his comments, the damage has already been done, as the opinion of such a notably, figure carries weight, as well as influence.
Even though everybody is entitled to his or her own opinion, the constant bashing and hateful comments towards cryptocurrencies, cast doubt to investors as to whether they are genuine, or something that is only used for crimes.
Condemning cryptocurrencies – they are only suitable for money laundering
An economist at the New York University, named Nouriel Roubini, popularly known in the crypto world as known as ‘Dr. Doom’ because of his longstanding hatred for cryptos, called Bitcoin “bulls-t” earlier in 2018, and that the Blockchain technology is nothing more than a glorified Excel spreadsheet. The tagging of cryptocurrencies is something terrible and only criminals would get involved with them is entirely wrong too.
The chairman of the U.S. Federal Reverse, named Jerome Powell, was the latest person that publically condemned cryptos, and at the appearance before the U.S. Congress stated that cryptocurrencies are only significant for money laundering. According to him, cryptos are of no intrinsic value, and they do present considerable risks to investors.
The truth actually is that cryptocurrencies are not lousy thing neither are sole purposely in existence as of criminal activities. The bitter truth actually is that they are not perfect and they have some flaws and work to do. But, using that as a reason to spit on its name all the time is a little absurd.
It is a good idea to invest in cryptos
Some financial-related crimes, such as money laundering, existed way before cryptocurrencies came into the market. Some traditional financial institutions have seen crimes ranging from money laundering, identity theft, as well as robberies and many more.
They are also flawed, but no one seems to care enough to make it an agenda to bash it every now and then, and the irony is that this hate on cryptos is that why to spend so much time and energy on something in which you do not believe in, in the first place.
Cryptocurrencies are right, and to invest in them is an even better idea. They are not for criminals or any criminal activities. There are just bad people, hiding behind it to commit some crimes, just like people that were hiding behind financial institutions to do the same thing.