IS JAMIE DIMONS’ SHUNNING OF BITCOIN REALLY FEAR?

You’ve probably heard of the Dot-com bubble 2.0; it’s a constant topic on platforms like Twitter, CNBC and Reddit. Bitcoin has the power to flip every bank and investment instution around the world on its head due to its revolutionary take on economics; this is causing a lot of chatter amongst advance traders, Wall Street execs, and novice investors alike. Some financial execs are beginning to accept that Bitcoin as a financial revolution that they can either get with or get lost, while others, are sticking to their “Bitcoin is a fraud” philosophy. One particular infamous “other,” is Jamie Dimon.

If there was an anti-Bitcoin group- Jamie Dimon- would be the founder and current leader. Jamie Dimon, the CEO of JPMorgan, has a 3-year history of calling Bitcoin and other cryptocurrencies: “scams and frauds.” His most infamous quote on Bitcoinmania came in a Fortune Globe’s conference, in which, he famously shunned Bitcoin -with a smug look- stating “It’s not going to happen you’re wasting your time,” when asked about the future of Bitcoin. His infamous quote on Bitcoin has led many uneducated crypto rookies to panic sale. His hate and his constant rambles of “scam” and “fraud,” when speaking on the topic of Bitcoin and even referencing the Bitcoin-mania to “tulip bulbs,” is making people question Bitcoin and… Jamie Dimon.

It’s a worth noting, Dimon isn’t any old-time heckling idiot: he runs the largest banking institution, survived the 2008 recession and went to Harvard. He is a well-respected, high IQ billionaire that achieved a cult following in the financial world. Skeptics raised questions as of why someone so smart, financially literate, and is known to be such a forward thinker be so naive when it comes to Bitcoin. These skeptics are questioning Dimon’s real motives. Let’s get this straight, he isn’t totally naive towards Bitcoin he actually supports the Blockchain technology; he just doesn’t believe in the Bitcoin hype. Skeptics and crypto followers alike, are proclaiming that Dimon is using his reach and power to kill JP Morgan’s biggest competition: Bitcoins. The skeptics have a good reason to question Dimon’s motives and since has conjured up a list as of why:

  • Recently, JPMorgan has begun building its own cryptocurrency.
  • JPMorgan was on the fence of buying XRP (Ripple) in early 2017.
  • He is aware of Bitcoin’s outreach and power as seen in his past interviews on the subject. However, in recent interviews, as the Bitcoin price increased, he claimed only North Koreans and criminals use Bitcoin, more evidence that his goal is to slander Bitcoins reputation.
  • There were also rumors that JPMorgan was in the development of a Visa card that used their self-made crypto currency.

While most of this is pure speculation, more than half of it has legit evidence: like JPMorgan’s cryptocurrency and the Ripple buy. However, some believe that Jamie Dimon, honestly, doesn’t believe in Bitcoin, and is not trying to kill it off just because it’s his biggest competition. There is evidence that Jamie isn’t interested in Bitcoin, because, of unrealistic expectations and a similar atmosphere to the 2000’s dot-com-bubble. Again, nobody can pick apart Jamie’s brain to see what his real motives in shunning Bitcoin is. However, Bitcoin does has the potential to greatly damage his net-worth and business in the next coming years.

This post was written by one of our guest writers

Author: Justin Young

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By | 2017-10-02T14:57:39+00:00 September 15th, 2017|News|0 Comments

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