Fraud Isn’t Among the ‘Real Concerns’ RBC Chief Has With Bitcoin
- CEO won’t go as far as JPMorgan’s Dimon in blasting bitcoin
- RBC partners with JPMorgan on blockchain technology network
Why Investors Are Piling Into Bitcoin
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Royal Bank of Canada’s David McKay said he has “real concerns” about bitcoin. But unlike JPMorgan Chase & Co.’s Jamie Dimon, fraud isn’t one of them.
“I would never call it a fraud because it’s not misrepresenting what it is,” McKay, the lender’s chief executive officer, said Monday in an interview in Toronto after announcing a blockchain partnership with the U.S. bank. “People have placed value on what it is in different ways -- and they’re fine to do that -- but it’s not fraudulent in its misrepresentation.”