Bitcoin Slides After Dimon Doubles Down On Cryptocurrency Concerns: "It Will End Badly"
Just a week after Jamie Dimon first attacked Bitcoin for being a "fraud," the self-interested JPMorgan CEO has doubled down on his anti-crypto-currency tirade, somewhat exposing just how concerned he is at the potential for disruption within his industry.
To paraphrase, here's what Dimon said last week...
"It’s a fraud. It’s making stupid people, such as my daughter, feel like they’re geniuses. It’s going to get somebody killed. I’ll fire anyone who touches it."
And now, as CNBC reports, JPMorgan Chief Executive Jamie Dimon has laid into bitcoin and digital currencies once again, labeling it a "novelty" that is likely to end badly.
Eventually governments will close down cryptocurrencies: JPMorgan CEO from CNBC.
"Right now these crypto things are kind of a novelty. People think they're kind of neat. But the bigger they get, the more governments are going to close them down,"
Dimon said during an interview with CNBC-TV18 in New Delhi, India, on Friday. Dimon was concerned that with bitcoin, ethereum and various Initial Coin Offerings (ICOs), there are now cryptocurrencies everywhere.
"It's creating something out of nothing that to me is worth nothing," he said. "It will end badly."
Dimon warned that governments will eventually crack down on cryptocurrencies and will attempt to control it by threatening anyone who buys or sells bitcoin with imprisonment, which would force digital currencies into becoming a black market.
And this has pushed Bitcoin lower (extending losses from BTC China liquidations ahead of its closure)
Dimon's comments came under criticism from several bitcoin investors and experts.
"Comments like Jamie's show a failure to grasp the significance of the blockchain and the power of brand in a fundamental sea of change," said Scott Nelson, CEO and chairman of blockchain firm Sweetbridge, in an email to CNBC last week.
And as we reported previously, a company called Blockswater has filed a market abuse complaint in Sweden against Dimon and JPMorgan.Blockswater claims Dimon deliberately spread false and misleading information, according to a report by City A.M.And perhaps even more interesting, as we detailed before, JPMorgan Securities continues to allow clients to trade this 'fraudulent' security through its platform.
As we asked rhetorically previously, does the bank not have a fiduciary duty not to transact on clients' behalf in a security it defines as fraud? (like Subprime CDOs?)
Source : http://www.zerohedge.com/news/2017-09-22/bitcoin-slides-after-dimon-doubles-down-cryptocurrency-concerns-it-will-end-badly
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Really good article. While I'll never listen to a banker give advice on any investment, he does bring up relevant points regarding governments. He's simply furthering his narrative to damage the greatest threat to his enterprise, which just about everyone realizes, I do have concerns over government simply banning crypto. We don't have to look back to far to see how the online gaming industry was decimated by government intervention. This will be very interesting to watch going forward.
Did he actually call his daughter stupid in public to the press?
Yes, I was wondering the same thing, too.
It wasn't quite like that and I don't remember him using the word "stupid" in reference to her in the video. This article even says it's a paraphrase. But he definitely demeaned and degraded her. What a jackass. I like this: "It's creating something out of nothing." Ummm, hello, US Dollar? Stocks with insane P/E ratios? He just doesn't like it because it's not in his wheel house, but I'm sure he's buying it up every time he makes it dip...
I think it would be judicially right to start a case on people like him. There were reports that they have invested some amount in bitcoin after it went below $3000 last month.
Jamie Demon is a crook. Anyone who listens to his advice deserves what they get.
Dimon is so full of it. He is saying this while JPM is buying up coins. This guy belongs in jail.
As for the governments, what a joke. Good luck shutting it down. There is no way to shut down something that is so decentralized. Sure they can go after the owner of the exchanges, what happens when there is a decentralized exchange? Who do they go after then? Also, we see atomic swaps coming into existence which means, we could see the day when exchanges are not needed. Currencies will be swapped from one to the other seamlessly by the network.
The fact that Dimon, as the face of the banksters, is still hammering away at BTC tells me he sees the writing on the way. His system of bilking and stealing is under attack...a battle he is surely going to lose.
"It Will End Badly" I hope so... ... for him.