Jamie Dimon regrets calling Bitcoin a fraud
I think many of you have heard the wall street boss' harsh critiques against bitcoin. He was telling the media that bitcoin is a fraud, that he would fire his employees if found to be trading the cryptos for being stupid and etc.
But today, Mr. Dimon regrets his words as he gave an interview to FOX Business Network, a US television station.
"The blockchain is real."
I am not interested in the subject at all. However, the blockchain, the ledger system that powers bitcoin and is also being used by an increasing number of companies for record keeping, “is real”.
The bitcoin to me was always what the governments are gonna feel about bitcoin as it gets really big, and I just have a different opinion than other people. I'm not interested that much in the subject at all.
Yahoo Finance:
in October, Dimon said he was done talking about bitcoin following his controversial comment. Yet, soon after he opined that bitcoin buyers will "pay the price" if they are "stupid enough to buy it."
As it turns out, even the most active critics of Bitcoin are backing off and more and more are stepping in.
However, today one of the most successful investors of the planet earth and one of the richest man in the world, Warren Buffett, called bitcoin a big bubble and predicted a bad end:
Billionaire investor Warren Buffett said Wednesday that he would never invest in Bitcoin or other cryptocurrencies, and predicted the wildly popular assets are in for a fall.
“I can say almost with certainty that cryptocurrencies will come to a bad end,” Buffett told CNBC in an interview.
Buffett’s comments were backed by Charlie Munger, his longtime partner at his investment company Berkshire Hathaway, who described the soaring values of Bitcoin and the other cryptocurrencies as “bubbles”. Munger said investors “are excited because things are going up at the moment and it sounds vaguely modern. But I’m not excited.”
the guardian
Will Mr. Buffett regret his words or not?
I personally think that at some point Bitcoin may crash.
Don't remember where, but I read that Bitcoin is like a DOS and altcoins like Ethereum are like Windows. The pioneers are not always the winners. It may well be that Bitcoin will loose the battle but there will be a winner or winners. It could be Ethereum, Litecoin, Ripple or something that has not registered an ICO yet.
I am not sure what will buffet do, but I believe, many who publicly say cryptocurrencies are bubbles, have also invested in cryptos some portion of their financial resources. It is a pure nonsense not to use the opportunity and make some money. Even if it is a bubble, it has long time yet before it bursts.
It could take a year, and a 25x rise in total market cap ... or the bubble could burst tomorrow, you never know. I don't own much crypto at the moment, it's a big risk ... but also with big possible rewards.
Also, how much would it fall when the "bubble bursts"? Even a 60% fall in value would leave most cryptos more valuable than what they were some few months ago ...
Mr. Dimon surely needed to enter cheaper. Mr. Buffet is also not only so super-intelligent as he is being portrayed, he has the right contacts and is part of the "club".
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