There have been many comments in the press, many of them from Jamie Dimon, the chairman and CEO of JP Morgan Chase, one of the biggest banks in the US. His comments such as “Bitcoin the currency, I think, is going to go nowhere”, “If you're 'stupid' enough to buy bitcoin, you'll pay the price one day”. Everyone is entitled to their opinion, but Jamie’s needs a bit more scrutiny. His bank relies on his customers making him lots of money, paying lots of interest, big fees and big charges to pay his huge salary and bonuses. So he would publically call Bitcoin a fraud, wouldn’t he? If everyone suddenly switched to using Bitcoin, his bank would go bust and he would be out on the street.
The fact is Bitcoin is a technology like many others, it has worth because of the effort put into it. It takes time, effort and electricity to generate Bitcoins and run the blockchain. And in a free market the value of an asset is what someone else is prepared to pay you for it, hence the escalating value of each Bitcoin or other crypto coin.