JPMorgan CEO Jamie Dimon indicated that according to his personal thinking, Bitcoin has no value.
“I think Bitcoin has no value.”
After all, Jamie Dimon is an American billionaire businessman. Since 2005, he has been Chairman and CEO of JPMorgan Chase, the largest of the US banks.
Importantly, although Jamie Dimon does not believe in Bitcoin, he clarified that his clients are adults. And who does not want to be a spokesperson on the matter.
In any case, it has been a good few months for Bitcoin. But, the CEO of JPMorgan has not changed his opinion on the cryptocurrency.
JPMorgan CEO Jamie Dimon: “Bitcoin is worthless”
In particular, the comment that Bitcoin is worthless was stated from the event with the Global Financial Industry Association.
Jamie Dimon, has been one of Wall Street’s skeptics about Bitcoin. By the way, it is not the first time that he claims not to be a Bitcoin supporter.
2014: ‘Terrible store of value’ 2015: ‘Won’t survive’ ‘will be stopped’ 2016: ‘It’s not going anywhere’ 2017: ‘A fraud’ 2018: ‘I really don’t give a shit’ 2021: ‘It has no intrinsic value »2021:« It’s going to be regulated, whether you like it or not »2021:« I’m not interested »,« fool’s gold »,« worthless »
What doesn’t Jamie Dimon understand?
In fact, while Jamie Dimon has his own thoughts, they are not on par with JPMorgan’s position. Since the bank has launched its own digital currency (JPM). And in August, it opened access to Bitcoin funds for its wealthiest clients.
By the way, Dimon’s attitude explains why Bitcoin tends to catch him off guard. And why the industry has moved on, disregarding their criticism.
I’ll just challenge the group to something else: how do you know it ends at 21 million? Did everyone read the algorithms? Do you all believe that? I do not know, I have always been skeptical of things like that.
$ JPM’s Jamie Dimon on bitcoin: “I’ll just challenge the group to one other thing: how do you know it ends at 21 million? You all read the algorithms? You guys all believe that? I don’t know, I ‘ ve always been a skeptic of stuff like that. “
– Brian Cheung (@bcheungz) October 11, 2021
As a fun fact, this question goes to the heart of Bitcoin’s value proposition. The quick answer is that Bitcoin is the only monetary system that offers certain guarantees, including the ‘final’ in 21 million coins. That is what distinguishes it from the fiat model.
Likewise, Bitcoin will always allow users to save their coins and perform peer-to-peer transactions. People will always be able to run a node and audit the money supply. It’s in the code.
Indeed, Ari Paul of Blocktower Capital in response to Dimon said: “So the question really is, will people change the code? Anyone can change the Bitcoin code anytime they want. The hardest part is getting people to use it, having miners secure it, and getting developers to build it. That is the social technology that protects Bitcoin.
That is precisely what Dimon fails to understand. That Bitcoin is not just a code, but a community.
Time will prove right
So, time will tell if Dimon is right to repeatedly question the value of Bitcoin. But its continued attack on cryptocurrency appears to be falling on deaf ears with investors.
In this regard, Nicholas Cawley, analyst at DailyFX, said: ‘Since Dimon referred to Bitcoin as worse than the Dutch bubble of tulip mania of the 17th century four years ago, Bitcoin has risen from approximately $ 4,500 to its price. current which is close to $ 60,000 ».
I say goodbye with this phrase from Arthur Clarke: “Any sufficiently advanced technology is indistinguishable from magic.”
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