Jamie Dimon Now Regrets Calling Bitcoin a Fraud! But Why…?
Backpedaling!
JPMorgan CEO Jamie Dimon labelled Bitcoin a “fraud” in September 2017, triggering a crash across the cryptocurrency markets and making Bitcoin bottom out at around $3,000, down from just under $5,000.
In his bold statement, Jamie also told the world what he thought about cryptocurrency investors, stating that he would fire anyone working for him that was trading Bitcoin. His statement was, “if you’re stupid enough to buy it, you’ll pay the price one day.”
https://www.cnbc.com/video/2017/09/12/jamie-dimon-bitcoin-will-eventually-blow-up-its-a-fraud.html
These words did not sit well with the cryptocurrency community, leading to the high-profile banker taking heavy backlash for his blunt words.
However, Jamie has decided to backtrack on his controversial words. He says he “regrets” making the statement about Bitcoin, further adding that “the blockchain is real,” but he expressed concerns regarding ICOs, saying that they need to be individually evaluated.
What’s the Agenda of Negativity Towards Bitcoin? Are Bankers Simply Scared of Bitcoin?
Now that Jamie’s stance has changed regarding Bitcoin, what was the ultimate goal for his infamous words back in September?
Many say the September statement was an attempt to manipulate and crash the price of cryptocurrencies, giving institutional money an easy buy-in opportunity in anticipation of the launch of the Bitcoin futures listed at CME and Cboe.
It’s no secret that financial institutions are scrambling to keep up with the curve of innovation, and Ripple, Ethereum, and Zcash are all fine examples of this.
Could the negativity towards Bitcoin from institutional executives be an attempt to manage and bottleneck the growing popularity of cryptocurrencies?
Bitcoin’s objective is to eliminate the need for third-party authorities when conducting transactions, which means people can exchange value in a peer-to-peer manner without the need of a central authority (or bank) that may attempt to corrupt or manipulate the transaction.
The combined market cap of every cryptocurrency is nearing $1 trillion, and institutions have no choice but to either innovate or be left behind, like so many companies that did not embrace the digital revolution in the early 2000s.
Simply put, central banks are now facing the greatest transfer of wealth in recent history, and it is not going to the banks!
The Real Fraud!
Jamie Dimon’s September statement was hypocritical. Over the last 100 years, government-issued currencies have lost purchasing power, as currency is printed in infinite amounts and unpegged from any asset representing true wealth, with each generation working more for less.
I'd expect nothing less from 'Legs' Dimon.
The man is a criminal, all he was doing was trying to control the narrative re: Bitcoin. JPM's European operation was buying up BTC on the dip created with his statement.
It's exactly the same shit they pull in the gold and silver market without their BS derivatives, COMEX naked shorts to help them out.
Weasels like Dimon and his mate Blankfein over at the vampire squid (Goldman Sachs) are outdated dinosaurs however that doesn't mean they're stupid. I'm sure they'll be in the background buying up Crytocurrencies in order to hedge their bets and maybe to try to manipulate the markets at a later juncture.
great news thanks for share @crushthestreet
he was wrong from the start, and the coin market has proved him wrong. the market has grown exponentially since that statement making him look like a fool, the future is crypto and block chain
I liked the great post post, so I voted for a post on the post and gave you a lot of thanks for sharing the post.
What are they trying to do?
Jamie Dimon just shot himself on the foot because more people realized that he's a big liar.
Any Crypto he says he supports should be a signal to sell if your hodling!
The banks, and Dimon, are terrified of these new technologies because this will eliminate the need for a third party to be involved in money transfers. This is exactly what the telecommunications industry said about the internet in the early 90s. They said it is dumb and for a few "geeky" people, but it wouldn't affect their industry. Once it started taking over it was too late for most telecomm companies to compete and stay alive. Now the banks have done nothing to speed up the money transferring system or anything to cut the costs and Bitcoin, and numerous other blockchains have. Now it is too late and the banks are going to struggle to keep up with this new technology and many will try to adopt it, but they will centralize it thus eliminating it's value. Most banks are going to go under and some realize it right now...