Jamie Dimon-Backtracking On His Bitcoin Hate?
Today at a JP Morgan Health Care Conference in San Fransisco, Chase CEO Jamie Dimon was asked again about bitcoin and he seemed to backtrack from his harsh sentiment expressed last year.
Previously the CEO of America's biggest bank called bitcoin a "fraud", and said he would fire and of his employees who were trading it.
He sees the mass adoption of bitcoin being impossible due to governments likeliness of regulating their own fiat crypto instead.
“It’s just not gonna happen, you’re wasting your time. This is my personal opinion. There will be no real non-controlled currency in the world. There’s no government that’s gonna put up with it for long.”
While I do rank Dimon as yet another Wall St crank who is lashing out at the new thing they don't understand, I think there is actually a lot of truth to what he said today. As much as I love the blockchain and cryptos in general, anyone who thinks governments all over the world WON'T be doing more in the way of regulating, taxing, (or even outlawing) cryptos is being naive.
This doesn't make be any less bullish on the crypto movement in general, but I can't imagine a world when busybody governments stand idly by and let the crypto market work in it's freest form. I wouldn't be shocked to one day see government designed fiat cryptocurrency, should the masses really cling to cryptos.
https://www.cnbc.com/2018/01/09/jamie-dimon-says-he-regrets-calling-bitcoin-a-fraud.html
Seemed like more of a PR move. Investors want to see a CEO who embraces new technology, new markets, and internal innovation. If he didn't change his tune, he may have been viewed as a fintech laggard. He is embracing blockchain technology, but doesn't seem sold on the existing coins and tokens.
I Love Dimon Humble Pie.
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