Bitcoin Buyers Are Stupid: JP Morgan CEO Jamie Dimon

JP Morgan CEO Jamie Dimon is always in news by criticizing Bitcoin, right from 2014. Markets have found a correlation between Jamie Dimon's comments and the relative Bitcoin price movement which seems to be very interesting. Jamie Dimon is well known as a long-time critic of Bitcoin – he said that the cryptocurrency would "not survive" back in 2015 when the price was hovering around the $400 level. 


"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. I dont understand the value of something which actually has any value. It can go to even $10,000 before it reaches zero. Governments will thrash it down one day as they want to regulate the money flow. ~ Jamie Dimon, Bitcoin price~ $5500


"Who cares about bitcoin?. Bitcoin is "great" for criminals and countries like North Korea or Cuba. If you're stupid enough to buy it, you'll pay the price for it one day" ~ Jamie Dimon, Bitcoin price~ $5500
According to Jamie Dimon, people are very good at manipulating the press these days and getting news out. "The world economy's so big, JPMorgan alone, $6 trillion, we move all this money, and bitcoin in total, all these currencies, $50 billion dollars, maybe a billion dollars trades a day. People also say bitcoin is close to a fiat currency. Not really. A fiat currency is when a government says this is your legal tender, you have to give it and accept it."
"It's worse than tulip bulbs. It won't end well. Someone is going to get killed." ~ Jamie Dimon, Bitcoin price~ $4000

Jamie Dimon ended his talk at Institute of International Finance conference by saying that this would be the last time He talks about Bitcoin. He even admitted that his daughter too owns two Bitcoin!!. 


About James Dimon: He is the chairman, president and chief executive officer of JPMorgan Chase and previously served on the Board of Directors of the Federal Reserve Bank of New York. Dimon was named to Time magazine's 2006, 2008, 2009, and 2011 lists of the world's 100 most influential people. He was also named to Institutional Investor's Best CEOs list in the All-America Executive Team Survey from 2008 through 2011. 

Disclosure: I am long in Bitcoin from $1950. My first post about Bitcoin here, when it was trading at $1000.

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