Bitcoin Unifies CEOs Who Agree on Little Else: It’s ‘Dangerous’
The line of business leaders warning about a bitcoin bubble just got a lot longer.
Yale University’s Chief Executive Leadership Institute surveyed 87 corporate leaders last week on aspects of the economy and politics, from the U.S. tax bill to recognizing Jerusalem as Israel’s capital. Virtually nothing on the list brought them closer to consensus than hating the cryptocurrency.
Some 88 percent of participants labeled it a “dangerous” bubble, predicting it “will not end well.” An even higher 91 percent said exchanges don’t know how to properly regulate bitcoin, while 85 percent of those surveyed said cryptocurrencies are over-hyped and hazardous.
They’re in good company. JPMorgan Chase & Co. CEO Jamie Dimon has called bitcoin a “fraud.” Federal Reserve Chair Janet Yellen said it’s a “highly speculative asset” and “not a stable store of value.” But reports of its death have been wrong before. Warnings of a bitcoin bubble also surged in 2013, as the price jumped to $1,000. This week it surpassed $19,000.