JPMorgan CEO Jamie Dimon still doesn't understand cryptocurrency, thinks it's a fraud

in crypto-news •  last year

JPMorgan CEO Jamie Dimon expects Bitcoin to fail. Cryptocurrency does not make a lot of sense to traditional thinkers from traditional industries, over age 50, who fall out of the demographic which is likely to understand it.

Jamie Dimon, CEO of JPMorgan Chase
By Steve Jurvetson (Flickr: Jamie Dimon, CEO of JPMorgan Chase) [CC BY 2.0], via Wikimedia Commons

"I'm not saying 'go short bitcoin and sell $100,000 of bitcoin before it goes down," he said. "This is not advice of what to do. My daughter bought bitcoin, it went up and now she thinks she's a genius."

Jamie has a point with this quote and with the attitude he is describing for his daughter. Short term pump and dump investing strategies involve timing the market and these are often not based on a firm understanding of the fundamentals. He is implying that his daughter has very limited understanding of how Bitcoin works, what it is, why it's going up.

The truth is that some of us do have the background, knowledge, experience, and deep understanding to know why Bitcoin (more importantly cryptocurrency) is a true breakthrough. Because it's a true breakthrough as big or bigger than the search engine, and because at times tech markets have boom and bust cycles (Dot Com?), we can expect at some point the cryptocurrency markets to go down. The difference is long term wise thinkers know it's eventually going to come back up again within a few years as the technology continues to advance the state of the art.

Jamie Dimon is wrong on this topic. He may have a deep understanding of traditional markets and traditional ideas, but his understanding of cryptocurrency is nill because he cannot see it as anything of value from a technical perspective.

The fact is, it has tremendous value from a technical and social perspective as evidenced both by Steemit usage growth and by the total market cap. People have a deep desire to have digital money, to have digital assets, to be able to take part in capitalism, and many people are excluded from traditional systems because most people don't have the economic wealth of Jamie Dimon. This almost reminds me of people who don't understand the coming impact of AI on society, markets, and employment.

References

  1. https://www.cnbc.com/2017/09/12/jpmorgan-ceo-jamie-dimon-raises-flag-on-trading-revenue-sees-20-percent-fall-for-the-third-quarter.html
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Per CNBC article regarding Dimon this morning "bitcoin is a fraud and someone is going to get killed..." KILLED???

Maybe a bit dramatic there Jamie? Is someone mad they they missed the boat so now they're firing torpedoes at it trying to sink it?

In other CNBC news economic prognosticator and financial pumper-guru Mohammed El-Erian claims bitcoin should be about 1/2 or 1/3 of what it is now and it will never see mass adoption.

https://www.google.com/amp/s/www.cnbc.com/amp/2017/09/13/mohamed-el-erian-warns-bitcoin-should-be-worth-about-half-current-values.html

So I guess we should all just blindly trust in the fiat currency /perpetual debt creation system that's led the US to $20 trillion in debt and stagnant incomes for an entire generation of people?

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The only people that will get killed are his buddies on Wall St. who will see their coffers being drained as more fiat wealth keeps pouring into cryptos. These banksters are finally seeing the writing on the wall, and it scares the shit out of them.

Cryptos are how the average Joe gets back at the corrupt banking-governments-mafia-complex that allowed the fraud and subsequent bailouts in the last financial crisis.

So his company was bailed out by the government with billions of dollars after they contributed to the worldwide recession due to their own greedy actions and Bitcoin is a fraud and its owned by no-one? Maybe his daughter is brighter than he gives credit for. JP Morgan is the exact reason Bitcoin was invented in the first place, the CEO's views on Bitcoin are worthless.

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100% agreed, thanks for your input.

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Basically. Except his views might drive the price down temporarily so we can buy more a little cheaper :)

"First they ignore you, then they laugh at you, then they fight you, then you win." - Mahatma Gandhi

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It's more like; "first they ignore you, then they fight you, then they win, then they laugh at you - then it's over, and you go back to your crappy job and die miserably" Athamagatha Dandy

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Haha.
I really hope not.

Upvoted! A lot of Bearish news today again (Jamie Dimon, India...)
I can say "I told you so!". Bear market is going to last at least a few more days. We need this "purge" to be healthier.
You can find my latests pots on the subject here:

Yeah, I read that article and I wonder a guy like him hated cryptocurrency. Could it be because he knew that it can be huge rival? He just said that its a fraud but is not giving reason why.

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I'm pretty sure he understands the value of Bitcoin and sees it as a threat. It's a store of value that allows trustless exchange with no intermediaries required. JP Morgan is pushing their own for of Ethereum - https://www.jpmorgan.com/country/US/en/Quorum.

Our society is run by insane people. CEO´s, politicians... Nobody is seeking the welfare of all, they do not want to change the system , they want to keep their lifestyles.

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Well, I'm trying :)
Just not from a position of power, but one of ambition.
See Vialcoin.com

they cant understand that its modern period now they are old to understand this :P type of currency ! :D

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Let's not be ageist. :)

Jamie Dimon u can kiss my hairy ass. There , I said it. It's forever on the blockchain.

The banks who have been rescued 2008 and 2009 want to tell us what we have to do?? Haha!

The banks who are responsible for the finance crisi want to tell us what is right and what not? Haha!

The banks who are the biggest criminals in the world? Haha!

Of course he doesn't believe in cryptocurrencies, and yes his daughter is a genius, because even if he will be right in the future, she already made money with bitcoin...

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Yes, he can never stop cryptocurrencies, just like he couldn't stop his daughter.

It's comical that Jamie Dimon doesn't "understand" crypto, while JP Morgan Chase develops their own blockchain & cryptocurrency...... Clownish at best, he's playing a game.

Dana, I love your article and the point it makes however, there are a few if us over fifties that are totally behind the crypto market and ethic. Yes it is a step away from conventional financial systems but with the shift and advancement rod the use of technology it makes perfect sense.
The underlying message from the banks is that they haven't harnessed control or profit from crypto yet. It's a long hard road to change.

"JPMorgan CEO Jamie Dimon ........., thinks it's a fraud" And he should know ;)

Bitcoin price could go up, bitcoin price could go down. But Bitcoin will continue to work fine. It's a protocol, nothing more. How that can be a 'fraud' is unclear to me.

I don't buy that his daughter Jessica bought Bitcoin..just look at her Facebook-profile ;=0

I think he understands it really well, but they have some plans. To launch their own crypto (a wonder crypto that is not a "fraud") or to slow down BTC for a while to hop in.

This is a food thing, means he is afraid and know the real power of bitcoin and blockchain
I made a post about that too
Bankers keep crying of the bitcoin revolution

That's because he doesn't really understand that PEOPLE have value, and if enough people decide they will use something, that something gains value. See Facebook value. If all people stop using it tomorrow, it's worth Zero :)
In my latest post I talk about this a bit as well. Resteemd yours. Good read.

I have a bit of faith he some what understands how crypto works!
He is just acting as any person would in his position.

The advancement and mass adoption of bitcoin will have a drastic impact to his business.

So he is just doing all he can to prevent further damage to his business.

The more financiers bash bitcoin,the more it will survive and thrive.

I just saw this website that talks of bitcoin obituaries and it you can read all the guys who have bashed bitcoin in the past.

This is not the first and last time a notable figure has talked ill about bitcoin!

only another try to dump the price, to buy it by himself :D

Dimon also said he'd "fire in a second" any JPMorgan trader who was trading bitcoin, noting two reasons: "It's against our rules and they are stupid."

This quote from him is enough to form my opinion about Jamie Dimon lols

For someone as smart as Jamie Dimon, he's well aware of the capabilities of Bitcoin and the cryptocurrency market in general. With that being said, he's doing this all for the fact that people are starting to look at other alternative methods to storing their money and he's not to keen on losing business. Simple as that!

@dana-edwards thnx for putting this information all with each other..

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