JPMorgan CEO Jamie Dimon is back in the news for bashing Bitcoin. Just one day after he declared he would never talk about it again. Yesterday’s massive rally to a high of $5800 must have really gotten under his skin.
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Jamie Dimon Doubles Down on Bitcoin Skepticism
“I’m not going to talk about bitcoin anymore.” That’s what Dimon told press yesterday. Yet, he’s back at it again today, calling cryptocurrency investors “stupid.”
Bitcoin has been on a roll all year, hitting multiple record highs and outrunning almost all other assets. Even with its bullish year, Dimon maintains that he has no interest in Bitcoin.
CNBC, reported on Dimon’s latest rant, which took place at an event hosted by the Institute of International Finance. The new attack against the cryptocurrency emerged as a response to a moderator’s question during a panel discussion. Responding to a mention of the many Wall Street executives looking to enter the cryptocurrency space, Dimon said “anyone stupid enough to buy bitcoin will pay for it one day”
“I could care less what bitcoin trades for, how it trades, why it trades, who trades it. If you’re stupid enough to buy it, you’ll pay the price for it one day.
Dimon even insulted the intelligence of his own daughter in his rant. According to a transcript provided by CNBC, Dimon mentioned that his daughter emailed him after he first called Bitcoin a “fraud,” telling him that she actually owned two bitcoins.
“My formerly smart daughter,” he said to the audience in response to his daughter’s interest in Bitcoin.
However, the banking executive said blockchain technology is useful, and has a great future ahead of it. It’s just Bitcoin that has no value, apparently.
Dimon concluded his rant by yet again declaring, “this is the last time I’m ever going to answer questions about bitcoin because I really don’t care.”
2017: The Year of Bitcoin
From the JPMorgan CEO’s recent statements, one might think that bitcoin shows no promise, and that people buying it actually are stupid and wasting their money. In reality though, bitcoin has had the best year in its nine-year life value-wise, repeatedly breaking its own records and astonishing the mainstream finance world. The bitcoin price has been on a record climb all year, outpacing a majority of stocks, state-issued currencies, and commodities.
Even after a dramatic and contentious hard fork of its blockchain, bitcoin managed to out-perform all other cryptocurrencies on the market. And in response to this performance, a multitude of mainstream financial firms and notable figures in the investment world have given their support to bitcoin — or at least acknowledged its unprecedented growth.
But not Jamie Dimon, it looks like he’ll be bearish on bitcoin for the rest of his life, even though his own bank has started trading bitcoin.
But the community remains unphased. As BTC continues its monstrous growth, its supporters are celebrating, mocking Dimon, and buying Lamborghinis. Thus, the honey badger of money marches on, not bothered by what the old-heads on Wall Street think about it.
What do you think about Jamie Dimon’s attitude towards Bitcoin? Share your thoughts in the comments section.
Images via MarketWatch, Vanity Fair