JPMorgan Chase Exec Slams Bitcoin, Says It's Admired But Untested

Michael Cembalest, head of markets and investment strategy at JPMorgan Asset and Wealth Management, said in a report that borrowed from the 1941 film "The Maltese Falcon" to attack bitcoin, which told the story of a A priceless artifact symbolizing greed, which turns out to be fake. "I wouldn't buy it, even though part of me wanted to, recklessly, because that's what some cryptocurrency holders were counting on from the start," he wrote. In his 30-page investigative report, " In Malta's Falcoin: On Cryptocurrencies and Blockchain, Cembaalest lashes out at multiple use cases for cryptocurrencies, arguing that despite their well-regarded merits, they don't stand the test of time, including store-of-value, cross-border Blockchain applications in cross-border remittances, decentralized finance (DeFi), NFTs and financial services.