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Bitcoins / Breaking News

Revolut CEO Nikolay Storonsky says ‘Bitcoin is definitely not a fraud’

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Nikolay Storonsky today has defended that digital currencies are not “a fraud” after talking with CNBC ahead of his start-up plan to launch a new rage of services and guides for crypto currencies. He goes onto say that JPmorgan CEO ‘Jamie Dimon’ is wrong, and that bitcoin is not fraud and will not blow up.

“They are definitely not a fraud,” Nikolay Storonsky said in an interview Tuesday. Revolut’s co-founder said that, though people are less likely to use bitcoin in everyday transactions, the same could be said for commodities like gold.

“Real-world usage for gold is quite limited. But still there is a huge market, huge volumes that are being traded in the market, and these volumes determine the gold price,” he said.

“The question, ‘Where is the real gold price?’ No one knows. It’s the same with bitcoin. Volumes are increasing, the price is shooting up, there is no implication of bitcoin in the real world, it’s quite limited.” Source CNBC

He goes onto mention that there is a huge demand for his firms app to increase the digital currency functionality. When the cryptocurrency support is added, ‘Revolut users will be able to buy, sell and hold lots of cryptos, which include Ethereum, Bitcoin, and the Litecoin.

This is positive news for the Bitcoin world, but this backing also helps the whole crypto community.

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Frances is a writer for Crypto Daily, and she is responsible for bringing you the latest news on everything that is related to the Crypto world. She has a keen interest in Cryptocurrencies, and has many years of experience writing in all different roles. She is incredibly passionate about writing, and this combined with her interest into the finance, and virtual currency sector means that you are kept up to date with all of the latest news and information regarding all cryptocurrencies.