Jamie Dimon is wrong, and he knows it
Jamie Dimon has come out with some very strong statements regarding Bitcoin and cryptocurrency over the last few weeks.
From calling it a fraud to saying his employees would be fired for trading it, to lately saying it will be shutdown shortly by governments if it gets too big.
However, there is some interesting things about his remarks.
For one:
"Me thinks thou doth protest too much!"
(Meaning I think the harsh language he is using regarding Bitcoin and cryptocurrency is coming from more than just a place of his innermost beliefs)
Instead, Jamie's harsh rhetoric is coming from what he wants to happen. What he needs to happen.
He's trying to speak it into existence.
Here we have the CEO of one of the most powerful banks that has ever existed and he sees a new revolution taking place that could possible challenge his place at the top of the food chain.
Chase Bank moves money all around the world every day, something like $6 trillion dollars according to Dimon, and Bitcoin threatens to do that same thing, even more efficiently.
In that regard, Bitcoin becomes a direct competitor to Dimon and his meal ticket.
No wonder he wants it to die!
Parallels to the 90's and the internet
I look at what is happened right now as a parallel to what was happening back during the 90's with the internet. Some called the internet a fad and a bubble and something that would likely have no more use cases then that of sending and receiving an email, a novelty if you will.
Those people couldn't have been more wrong as the internet has become intricately linked to just about everything we do today.
Oops!
There was certainly a lot of chaff that came with the wheat at that time, but it was ultimately whittled away and the very best companies not only survive, but thrived.
People are making that same kind of argument about blockchain technology and how revolutionary it could be and how it could be linked and applied in so many areas of our lives going forward.
Jamie's comments don't seem targeted at the underlying technology, blockchain, but instead are targeted at Bitcoin the currency.
In this regard he could ultimately be right if a couple things happen:
- If countries around the world follow China's lead and start declaring Bitcoin illegal and start shutting down exchanges.
- If other high finance officials start talking about how they are going to boycott these currencies and start working on creating their own.
- If this current trend of acceptance starts to reverse itself and no one wants to accept Bitcoin as payment for anything.
However, a couple developments recently counter those "ifs" pretty well:
- We have already seen Japan legalize Bitcoin as legel tender, which means they would have to completely reverse course on their stance, not impossible, but not likely.
- Every week that goes by we are hearing about more and more businesses and people that are looking to accept Bitcoin for their good or service.
In fact I just read yesterday about the first house that was sold for Bitcoin.
Use cases for Bitcoin are increasing, not decreasing, which is probably the most important factor in all of this.
Conclusions:
Jamie Dimon likely has a very strong incentive to keep Bitcoin and the cryptocurrency markets from ever taking off and his comments regarding them need to be taken with a grain of salt because of this.
The odds of other countries following China's lead is very small and that is what would need to happen to really take the wind out of cryptocurrency's sales.
The old way of doing things has changed and now that a new paradigm shift is happening it will be almost impossible to stop, even for some of the world's largest governments.
The genie is out of the bottle, and will be very difficult to put back in.
Stay informed my friends.
Image Sources:
https://www.quora.com/What-exactly-is-the-1995-2000-dot-com-bubble-in-laymans-terms
https://hackernoon.com/trump-wont-kill-america-bitcoin-will-a2be67247969
Follow me: @jrcornel
At the end of the day, he is a billionaire protecting his own interests.
He's my shithead of the month, and a protected white-collar criminal!
https://steemit.com/dtube/@tgheretic/cf132krn
Haha I never said he was not a shithead!
I fully understand your comment and agree with your conclusions. I just thought I'd add a little background in case some people don't understand the criminal activity he's been involved in while in charge of JP Morgan Chase. But I'm sure some here are already well aware of his background.
let us know- who
Jup, just some trashy demon summoned from the pits of hell.
Lying, deceiving little monster.
Great article, see below for great article on why Jamie Dimon is the true fraud
https://steemit.com/bitcoin/@rmiseman/jamie-dimon-is-the-true-fraud
Me thinks Jamie Dimon be suffering from "Scrunt" which is a slow seepage of Shit to the Brain.
Which is fair, But still No love for him or the system they work with
may be or not
Soon we will be billionaires protecting our interests which will be Cryptocurrency infrastructure (which protects itself lol)
Desperation is a stinky cologne, Jamie.
hey btc...???
exactly.
exelent!!
jajajaja..
They needed to report their income, bitcoin will not work for them.
Follow me @Yehey
Thank you
Parlay some of those crypto gains into a Steem mousepad!
** official merchandise channel for Steemit Inc. **
lol ok now ur just spamming on all the top trending posts!
U could at LEAST come up with a comment relating to jaime dimon and his bitcoin comments!
You're right. It's tricky to be contextually relevant. I want to let people know about the new shop but I don't want to spam.
Prison time for Dimon for insider trading or outsider trading?
One can dream!
Jamie Dimon’s Bitcoin Statements Reported as Market Abuse in Sweden
Atlant
https://news.bitcoin.com/jamie-dimons-bitcoin-statements-reported-as-market-abuse-in-sweden/
JP Morgan’s chief executive, Jamie Dimon, might be getting into some trouble with Swedish financial authorities for market abuse when he called bitcoin a “fraud” last week.
Also read: Bitcoin Proponents Respond to JP Morgan Executive’s Statements
JP Morgan Reported to Swedish Financial Supervisory Authority for Market Manipulation After Chief Executive’s Public Statements Against Bitcoin
Just recently JP Morgan Chase chief executive Jamie Dimon got the cryptocurrency community all riled up when he called bitcoin a “fraud.” Further, after Dimon’s statements and bitcoin markets slumped, JP Morgan Securities Ltd., purchased a bunch of bitcoin-based exchange-traded notes for its clients. Now according to reports, an algorithmic liquidity provider headquartered in London called, Blockswater says Dimon breached certain statutes from the European Union’s Market Abuse Regulation (MAR) articles.
Great writeup. I completely forgot about the Japanese legalization a few months back. The South Koreans seams to be taking a similar approach. Seems the bankers didn't realize how quickly mass adoption of cryptos is taking place. I don't think many of these old dinosaurs really saw the writing on the wall.
great sharing I will remember this, great effort collecting this information
He's a Price manipulator, is now and always has been. That's what this is about. Any Reporter with a Backbone ( there are none) should ask him when JPMorgan is going to repay the Taxpayer the 25 billion Bailout he and his Company got. That would shut his stupid AZZ up.
I'm sure he doesn't even know what he's talking about and how it works
JP Morgan is creating their own crypto to take on bitcoin so they want to bring down the champ.
Yes, and I really doubt that any cryptocurrency created and controlled by JP Morgan is going to even be a serious rival to the leading decentralized cryptocurrency.
The only way it could win were if they could use the mainstream mouth piece to their advantage and take control of the Bitcoin narrative early. This has to the potential to kill it because Bitcoin itself has yet to reach critical mass. If Dimon can reach critical mass using his buddies then he could advertise a new "better" version of something that other people have already adopted. Bitcoin needs to set up it's own positive marketing machine and get ahead of the banking cartels that control the petro dollar.
JP Morgan filed 175 patents for a Bitcoin alternative. They were all turned down at the patent office.
First they ignore you, then they laugh at you, then they fight you, then you win. Mahatma Gandhi
I love that. But I guess that is why he was who he was. The bigger question here I think is why China outlawed bitcoin. They didn't do that as a one-off but it must be part of a bigger plan. I thought they were good with cryptos. Certainly the Chinese people are good with all things tech. So what's their plan? Any thoughts out there.
Friend bitcoin is the future! China rumors are false.
As long JP Morgan cripto is centralize and control by his party than it will not go anywhere.
It is called Quorum and according to their site it is going to be the 'New Ethereum'!!
Very true, ubs as well
The best wins!?
Dimon vs Bitcoin <=> Cabbies vs Uber
Hm, did they just ban Uber in London?
Yes uber won't get their operating licence renewed in London , but they will appeal that decision , could take a 1 year !!
this certainly boost up my confidence in crypto market.
mine too, thanks for sharing
always welcome. started to follow you dear.
yea....
iam new for this steam help me & earn
@jrcornel, I think its all fud
I've seen the movie The Big Short and if you had, too then we both know where they stand ;)
Jami e is ignorant
People on top like to remain on top, they never want to be replaced, Bitcoin is making another bigger world out of banks, this is a treat to his business and he sounds like a beaten dog. Governments will really treaten BTC but it is here to stay, they can't stop it.
nice to see you here on trending! yeah bitcoin is autonomous, people rise up out of the grassroots and become bitcoin dealers, and people are able to make money mining it so theres always a way to create fresh bitcoin if you just make the investment in the mining equipment, we just nmeed more Biuutcoin ocntent!
Bitcoin will reach the masses like everything these das! Social media! and steemit doesnt have the users yet we will need to keep using instagram etc
i realize i can find SO MANY people wanting to gfet into the bitcoin world by justy using Instaghram!
we should crteate a massive campaign to promote Bitcoin on instagram, because when i promote steemit on IG i always promote bitcoin too and i notice that the bitcoin posts seem to get even moreattentioon than the steemit posts which is obvious as theres more people into bitcoin than steemit but can u imagine getting that chunk of the bitcoin market??? on instagram??? we could pull in SO MANY people if we jsut created a simple website or app that helped someone get started with crypto using a Ch3cklist where we go down a list and get people a bitcoin wallet we get them on an exchange we getthem on steemit and we can also make an App that just goes down a list and teaches people how to use bitcoin and how to make money with this stuff, man just imagine a super user friendly app that just teaches people about crypto.....maybe videos would work better
but yeah Bitcoin media is gonna be HUGE
peopel will need WAY more bitcoin related media! we just need Bitcoin youtube channels! a LOT of them! never enough !
Lets create a Youtube channel JUST for bitcoin and one just for steemit! or do on for steemit and bitcoin maybe just yeah make it so the two are linked cant have one without the other, just lets make a CRFYPTO channel yes for youtube! use steemit to grow it, we can do daily uploads man we need a youtube channel! if jake paul can do it so can we!