Who Remembers JP Morgan CEO Jamie Dimon's “Bitcoin is a Fraud statement in 2017” ? — LeoFinance
I guess now is the time to look at the former years and see how people have criticized Bitcoin and we shall look at particularly Jamie Dimon.
Jamie Dimon is the CEO of JP Morgan Chase which is one of the four big American banks.
Since Bitcoin broke $45,000 after Elon Musk’s Tesla joining the party, now is a good time to look at what Jamie Dimon said back in the day.
I remember in mid-2017 when I had just joined the crypto space when Jamie Dimon CEO Of JP Morgan made a negative statement about Bitcoin causing the whole market to fucking crush.
Back in the day, anti- bitcoin statements by bankers or big institutions could crash the markets badly.
Image screenshot is taken from CNBC 2017 article
I did a google search and found Dimon’s statements, we all know the internet does not forget hehehe.
In this CNBC 2017 article, Jamie Dimon called Bitcoin a “fraud that will eventually blow up”
If you look closely at that image above, it was written in Sept/12/2017 when Dimon said all sorts of negative things about crypto and bitcoin.
Let me quote more statements from that post below
“It’s just not a real thing, eventually it will be closed,”
“It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed,”
Jamie Dimon even threatened to fire any of his employees caught trading Bitcoin and even called them stupid!!!! Wow
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.”
In another article published a month later by CNBC, Dimon continued talking shit about bitcoin and still called people who bought it stupid!!!
Let me quote exactly what he said below
“If you’re stupid enough to buy it, you’ll pay the price for it one day,”
He was a negative influence on Bitcoin those years, but eventually, Bitcoin won and rallied to the ATH of $19800 in mid-December 2017!!
Jamie Dimon claimed that the only value Bitcoin had back then was what the other guy will pay for it!!
“The only value of bitcoin is what the other guy’ll pay for it,” Dimon said. “Honestly I think there’s a good chance of the buyers out there are out there jazzing it up every day so that maybe you’ll buy it too, and take them out.”
The most fascinating thing about these Bitcoin naysayers like Jamie Dimon is that they claim to believe in blockchain technology, but not the first real-world application(Bitcoin) of blockchain tech!!!
Dimon did add on Friday that he believed the blockchain technology behind bitcoin was valid, but he does not understand the value of “non-fiat” digital coins, that is, digital currencies that are not backed by a government.
I guess it is through Bitcoin that people learned about blockchain technology because it was its first successful application.
I find it intriguing that someone would not believe in the beauty and proof of electricity working in a lighting bulb, but believes in electricity!!!
I am sure if that is a great comparison though.
Jamie continued saying that no one gives a fuck about bitcoin because the world economy is so big and banks move around $6T daily.
Hey, he did not exactly say that no one gives a fuck about bitcoin, but it was close to that hahaha.
“Who cares about bitcoin? The world economy is so big,” Dimon said, noting the bank moves about $6 trillion in money around the world every day.
In an interesting turn of events, the same Jamie Dimon who criticized Bitcoin and called people who bought it stupid now(in 2021) is calling for $146K Bitcoin long term price in this CNBC January 2021 article!!!
So should Jamie Dimon apologize to the crypto folks for fucking them up back in the day and scaring many folks who would minting gains now
What do you think???
Posted Using LeoFinance Beta
Originally published at https://leofinance.io on February 9, 2021.