Now I don’t know about you, but when Jamie Dimon came out earlier this month and said “[Bitcoin] is worse than tulip bulbs”—an unequivocal reference to Tulpenwindhandel of the seventeenth century—I didn’t think much of it. Why? Because he also validated Chris Dixon’s belief bitcoin will lift to as much as US$100,000 during the interview.
When Jamie doubled down on trashing bitcoin the very next day with the same rhetoric I gleefully submitted him to the Bitcoin Obituaries with the rest of the naysayers. And let’s be honest, there are plenty of people smarter than Jamie that’ve been wrong about the world’s first successful private currency. So why would anyone listen to a dotard like Dimon?
People listen to Dimon because he’s the CEO of a bank, that’s why. And because some production manager at CNBC decided to put him in front of millions of second-screen (that’s television) viewers to riff off Q2 ICO hype to boost network ratings. Thing is, many people probably never even heard of Jamie Dimon until he crawled out of the woodworks attacking Bitcoin a couple of weeks ago.
And that’s a gas. I mean, here you’ve got the CEO of one of the largest banks in the United States attacking a private currency with a $59 billion dollar market cap on national television—and people actually listened.
After all who doesn’t own a little crypto these days when it’s so easy to invest? I mean, how else ya gonna hedge your portfolio against market risk during what I’ve been calling the “raging bull”—a market in the US, which, due to global economics, is also lifting the entire world economy into mega bubble territory before it takes its next correction.
See Jamie’s problem is that he doesn’t even know what the F he’s talking about. He’s just out there blathering and causing FUD because he’s worried his companies stock is going to get hurt in the short-term. What a jackass…
Then we find out Jamie is sleeping with the enemy. After the prices of Bitcoin drop at the behest of gloom-and-doom scenarios promulgated by both Dimon and Goldman Sachs recently some of the banks started buying cryptos following the dip they caused. That, ladies and gentlemen, is called market manipulation—it’s a form of investment fraud and very, very illegal in the US.
That, ladies and gentlemen, is called market manipulation—it’s a form of investment fraud and very, very illegal in the US.
But that didn’t stop Jamie from taking yet another swing against cryptocurrencies today, this time saying bitcoin is “worth nothing”. You know, for a guy in a power position like Jamie, who doesn’t know what he’s talking about, he’s sure seems to be afraid of Bitcoin. Only the whales of the world have been watching…