JP Morgan boss - Jamie Dimon attacks bitcoin saying that it is fraud. Bitcoin, Ethereum, Litecoin etc falls more than 13% : (

in news •  last year

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

btc price.PNG
(Image source : Coindesk)

eth price.PNG
(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.

If you like this please upvote, resteem and follow for more . For any queries and suggestions comment down below : )

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

This post is upvoted by Polsza for 82 %.
If you want help us growing upvote this comment.
Thanks !

This post has received a 50.00 % upvote from @steemdiffuser thanks to: @ironman999. Steem on my friend!

This post was resteemed by @resteembot!
Good Luck!

Curious? Check out:

The @resteembot users are a small but growing community.
Check out the other resteemed posts in resteembot's feed.
Some of them are truly great.

Hi has to against or he loses his money.. ;)


Me to thought in a similar way

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 🤑🤑🤑🤑💵💵💵💰💰🌎🌎

You Are An Excellent Steemian. This post has received a 14.29 % upvote from @steemthat Return the favor and SteemThat Person Back: @ironman999. SteemThatBotMoreIGrow .

Please Upvote This Comment To Help Me Grow! And The Price Of Steem Will Appear! @steemprice steem

Congratulations! This post has been upvoted from the communal account, @minnowsupport, by ironman999 from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.

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

Congratulations @ironman999! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

Award for the number of posts published

Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here

If you no longer want to receive notifications, reply to this comment with the word STOP

By upvoting this notification, you can help all Steemit users. Learn how here!


Thank you : )
Resteemed to over 4000 followers and 100% upvoted. Thank you for using my service!
Read here how the new bot from Berlin works.

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

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...


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...)