JP Morgan Boss outraged by Bitcoin: it's a fraud only fit for drug dealers and murderers.

Jamie Dimon, whose entire existence is fully invested in fiat currency is feeling the threat of Bitcoin hot on his heels. He stated in the midst of the China rumors and stories of banning ICOs and shutting down Bitcoin exchanges that anyone at the investment bank JP Morgan found to be trading in Bitcoin will be fired "in a second", and "for two reasons: it's against our rules, and they're stupid. And both are dangerous."

For a moment I thought I was reading a satirical article because he then went on to say that his daughter bought some Bitcoin! Yes, his daughter has now disappointed him, joining the ranks of stupid drug dealers and murderers. After his daughter bought Bitcoin, he went on to explain "it went up and she thinks she's a genius now".

What can be more infuriating than your daughter going against every ounce of your being and rubbing it in your face? He then spoke the telltale phrase of every fiat-blind indoctrinated financial crisis-insulated banker and legacy asset manager, "It is worse than tulip-bulbs."

There it is, bubble, tulips, fraud, scheme, I wonder why somebody like Dimon or anyone from a major banking institution would use these words, it is beyond my comprehension. Oh, right, it's because cryptocurrency cannot be ignored and it is infringing on the economy of Federal Reserve Dollars. It's a monopoly on money, and it hurts to imagine that something could break that apart.

With paper money, we have to trust that it is backed by something that we value and that value is slowly being eroded. Because cryptocurrency is a mathematical solution for trust, these are trustless digital currencies taking out the human part that can't be trusted. Being mathematical, the slow rise of Bitcoin could easily become a logarithmic one in which the banks will suddenly be powerless, and people like Dimon cant't have that. At least his daughter will be there to save him.