Chairman of JP Morgan, Jamie Dimon said yesterday that Bitcoin is "fraud" and will blow up. He quoted :
The currency isn't going to work. You can't have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.
(Image Source : here)
He also told that if any trader of JP Morgan trades any crypto-currency he would fire them immediately for two reasons - It is against our rules and they are stupid, and both are dangerous.
He also quoted in a harsh way saying :
If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in bitcoin than US dollars. So there may be a market for that, but it would be a limited market.
Bitcoin, Ethereum, Litecoin and many more crypto currencies fell almost around 14% in a single day due to the statement given by Dimon. See the price charts below
(Image source : Coindesk)
(Image source : Coindesk)
In my view he is pointing out only the negative aspects of the crypto-currency usage. He is neglecting the positive side of it. Bitcoin actually revolutionized the world with its blockchain technology. The main aspect of it is that it is completely decentralized so that no certain government or organization owns it. The currency is only owned by the people who use it and only people decide its rate according to the demand of the currency. Bitcoin is accepted by various stores and across various platforms and the payments are so easy and will be processed within a click. As we go on there are many advantages of crypto-currency and the blockchain technology which cannot be explained in a single post.
Maybe its his own strategy which he wanted to make a move. Also JP Morgan is a member of EEA (Enterprise Ethereum Alliance) who want to implement the blockchain technology for themselves, which clearly shows the two sides of their play. Maybe he is afraid that Bitcoin will take away the market and he want to have it in his control.
Please share your views in the comments to spread the light on this topic as most of the users including me, are new to this.
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His little speech were too offensive and arrogant. Only he knows why he did that.
Thinking that threatening will help him be cool it is a bad choice for him.
I've made a post regarding that too and when researching i found how bad he think he is... damn...
He for sure not bought enough at some point and needed a good entry point now, that's why he made this fud, to GET IN LOW.
On behind he is taking part of this technology and sustain it and in the other part he want to look against it. Come on...
I agree with you @ilvstranger
And here we see the first rises of bitcoin, hehe.
$3700 with 14% up. He started to buy? :-)
jamie jamie... u little... new crypto buyer ;-)))))
(regarding his arrogance, i showed in my post the video with interview...)
Hi has to against or he loses his money.. ;)
Me to thought in a similar way
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It sounds like the reason that Bitcoin is falling in value today is because a bunch of guys at J.P. Morgan owned a lot of bit coin and are now forced to liquidate or look at fired. I bet she does Jamie diamond guy has a stash a bit coin and will get more as a price drops. Total conspiracy Theories 🤑🤑🤑🤑💵💵💵💰💰🌎🌎
Bitcoin is always a saif bet.
Just keep it a couple more years....
this is cycle, good time to buy
You are right man it's indeed a good time to buy
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JP Morgan has filed for approximately 150 "BitCoin Alternative" patents. All have been rejected. So Dimon is full of it.
As to the sell off, it was short-term profit taking, which BTC was due for. And FUD, on the China news. Nothing goes up in a straight line. It had little or nothing to do with Dimon. He said the same about BTC when it was $400.
Telling JPM traders what to do with their own money and threatening their jobs, is akin to a telecom executive in the 1990's telling employees not to use the Internet. I wouldn't be surprised if a few JPM traders happily tender their resignations soon, if they weren't going to already. Many will take their Christmas bonus' and buy BTC/crypto, as will many developers... and when more devs start migrating to crypto, the game will have really changed.
Price is climbing back up today. HODL.
Ya price is slowly going up : ) I agree with you man