J.P. Morgan concludes that Bitcoin is not a solid investment

JPMorgan Chase thinks investing into Bitcoin is an audacious idea. The financial services goliath wants its forex investors to know that bitcoin isn’t all it’s cracked up to be. So much so that the company released a report Tuesday, “The Audacity of Bitcoin,” authored by John Normand, its managing director and head of global FX strategy, highlighting the points that critics of the virtual currency have been making for some time.

At least one major investment bank isn’t bullish on Bitcoin these days. On Tuesday, excerpts from an investor’s note written by JP Morgan’s foreign-exchange strategist John Normand were published, and the remarks argue that Bitcoin is “vastly inferior” to fiat currency. JP Morgan did not respond to Ars’ repeated requests to see the entire investor’s note. According to Barron’s published excerpts, Normand writes that as a medium of exchange, Bitcoin performs “no worse” than using the US dollar or another currency like it.