Ok, by now we all have had some wild thoughts about Bitcoin. From "should I buy it and retire in two weeks?" to "Is this the next Madoff-sized scam?" Well, if you believe Jamie Dimon
, CEO of JPMorgan Chase, Bitcoin is a total fraud and should be done away with at once. The Government of China
seems to agree, and has ordered the closing (albeit voluntarily) of the Bitcoin and all other cryptocurrency exchanges.
John McAfee, founder of anti-virus software and a Bitcoin "miner" says it is far from a fraud. He replied to Dimon's allegations with, “You call Bitcoin a fraud, I'm a Bitcoin miner. We create Bitcoins. It costs over $1,000.00 to create a Bitcoin. What does it cost to create a U.S. dollar? Which one is the fraud?”
There are many more "opinions" both pro and con on Bitcoin. Most Wall Street Executives fear that Bitcoin could be a "bubble" and could do severe and long lasting damage to the World's economy. One opinion, that of CNBC economic expert Ron Insana, shared was particularly ominous, “Bitcoin is a bubble, make no mistake.” Insana also made the contrast and comparison between Bitcoin and a "true currency.” Money is defined by 3 characteristics: One, it has a storehouse of value. Two, it is a unit of account. Three, it is a medium of exchange. Insana points out that Bitcoin does not meet any of these three criteria.
Others are realizing massive profits. You would have made around a 1,300 percent profit if you bought and held (GBTC) since its IPO in May 2015. Regardless of who is correct or incorrect on whether Bitcoin is a boom or buzzkill for the U.S. investor, one major fact is evident on a global scale that should have everyone thinking twice...North Korea.
New sanctions were just put in place for North Korea, but that won’t stop them. The government of North Korea is amassing a large quantity of Bitcoins and can and will use Bitcoin in lieu of their own currency, potentially to finance endeavors that would not be in the interest of the world. It’s in the shadows, North Korea is undermining the world with its Bitcoin “mining” and they need to be stopped.
Perhaps the United Nations should issue sanctions against countries stockpiling Bitcoin before there is yet another tragedy on our hands?
Dante Vitoria is Founder and CEO of The Vitoria Group. For over 30 years, Dante Vitoria has been running his own firm, The Vitoria Group, which has broad experience in working with companies of various sizes to fulfill its clients' financial needs. The client base is extremely diverse, ranging from international money centers, domestic banks, insurance companies, and financial firms. The Vitoria Group provides a vast array of financial services specifically tailored to enable clients to meet their goals — the assistance, direction, and access to professional banking and other facilities. Dante's 30+ years experience as an investment banker on Wall Street, provides insight, expertise and comprehensive advice with a down-to-earth-approach on key aspects of local and international economics, personal finances, and financial planning. To read more of his reports — Click Here Now.
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