JP Morgan CEO Slams Bitcoin
Many people are hopping onto the Bitcoin bandwagon, but not everyone is warming up to the P2P currency. Jamie Dimon, the CEO of JP Morgan, has blasted Bitcoin, calling it “terrible” and predicting its downfall. According to Mr. Dimon, Bitcoin is doomed to fail because it can be “replicated over and over again” and doesn’t have the backing of a government. Given that JP Morgan is the United States’ largest bank, these criticisms could carry a lot of weight, though it should be noted Bitcoin was designed to exist outside of the traditional financial community, so the rejection should come as no surprise.
TigerDirect to Accept Bitcoin
TigerDirect, one of the Internet’s largest computer and computer component retailers, has announced that it will accept Bitcoin. Given how popular TigerDirect is among the computer community, this move makes a lot of sense. The company will use BitPay to process payments and will instantly become one of the largest firms to date to accept Bitcoin. TigerDirect will be joining a slew of companies that have recently announced that they will accept Bitcoin.
Google Exploring Ways to Integrate Bitcoin Into Productions
Several companies have announced recently that they will accept Bitcoin as payment. Now, the Online world’s biggest (arguably) company, Google, is reportedly looking at ways that it too can integrate Bitcoin into its current product lineup. Needless to say, Google’s endorsement would be huge for the fledgling currency and would add a huge amount of credibility to it. Google has not made any official announcements, but the company’s activities were apparently revealed during an email conversation between Google and an outside party.
Findland and Sweden Classify Bitcoin as an Asset, Not Currency
The governments of both Sweden and Finland have recently announced that Bitcoin is not a currency, but instead will be treated as an asset or commodity. This might seem like a minor distinction at first, until you realize that commodities and assets are taxed very heavily, while currency exchanges are not. Findland cited the lack of an issuer as one of the primary reasons for its move. Sweden has previously cited concerns that Bitcoin could lead to losses for retailers and customers alike.
CoinSeed Invests $5 million in Bitcoin Mining Hardware
CoinSeed has just closed a $5 million dollar deal to secure mining hardware in what is believed to be the largest mining equipment purchase in history. The purchase will instantly make CoinSeed one of the world’s biggest mining operations. CoinSeed is an investment fund and is managed by Harvard grad Merlin Kauffman. The company successfully raised over $7.5 million in a month.