UBS Chairman joins bankers bashing Bitcoin

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The UBS Chairman and former Bundesbank President, Axel Weber, has stated that Bitcoin does not perform some of the most necessary functions of currency.

Weber shares the same belief of JPMorgan Chase & Co Chief Executive Jamie Dimon, who said that Bitcoin ‘is a fraud’ and “will blow up”.

Bitcoin is a digital currency that allows individuals to transfer value to each other in order to purchase goods and services by sidestepping the banks and mainstream financial system.

At a conference organised by the Swiss Finance Institute in Zurich, Weber has said that the most important part of a currency is that it is a means of payment and must be “generally accepted”. Weber also went on to say that “it has to be a store of value and it’s a transaction currency. Bitcoin is only a transaction currency.’

Amongst other leading Wall Street figures, Goldman Sachs CEO Lloyd Blankfein took a more neutral stance on the topic of Bitcoin via a recent social media post. On the other hand, Morgan Stanley CEO James Gorman, named Bitcoin as a “fascinating development”.