Remember how just a few days ago, JPMorgan’s top guy said he wouldn’t be talking about Bitcoin again? And we were all so happy, and going like, “God, finally.”? Well, I do believe Mr. Dimon lied to us, guys. Because here we are, and he, indeed, is attacking Bitcoin again.
This morning, he popped up on Bloomberg TV to dish out some fresh criticism. It seems Jamie Dimon can’t find a better nemesis than Bitcoin, or maybe he is just a true hater at his core. Whatever it is, thr guy’s not holding back.
In his latest tirade, Jamie called Bitcoin a “fraud” and a “Ponzi scheme.”
Yes, again.
Straight from the horse’s mouth, he says that Bitcoin lacks the basic ingredients of a viable currency. This, he emphasizes, is his steadfast belief. And honestly, it’s getting a bit old.
Jamie has been on this hate train for years, and it doesn’t look like he’s getting off anytime soon. “Crypto, if you mean crypto like Bitcoin, I’ve always said it’s a fraud. If they think there is a currency, there’s no hope for it. It’s a Ponzi scheme, it is a public decentralized,” he declared during the interview.
He sees Bitcoin as nothing more than a speculative bubble, a tool for those chasing fairy dust, not financial stability.
But interestingly, despite Jamie’s personal vendetta against Bitcoin, he acknowledges its footprint in finance.
It’s here, it’s big, and like it or not, it’s playing ball with the big boys. Yet, Jamie remains unswayed. He doesn’t see Bitcoin stepping up as a currency any time soon. He’s pointed out its wild price swings and the sketchy regulations more times than I can count.
At Davos, he tried to put a lid on it, likening Bitcoin to a “pet rock.” It was a clever quip, aligning with his previous dismissals of the asset as “worthless” and a “hyped-up fraud.”
His punchlines haven’t changed much over the years. Neither has the distinction he makes between blockchain technology and Bitcoin itself.
He’s all in for blockchain, just not Bitcoin. Hmm, sounds a lot like my father.
It’s not just about what Jamie thinks, though. JPMorgan’s affair with Bitcoin is a bit more complicated. While Jamie bashes Bitcoin on TV, his bank has been fooling around with the diva.
Just recently, BlackRock laid down the news that JPMorgan would act as an Authorized Participant for its Spot Bitcoin ETF.
Talk about mixed signals. But I actually kind of understand. This whole thing highlights a dichotomy in the financial sector. Some players see the value in Bitcoin’s underlying tech and its potential to reshape how we think about money and contracts.
Others, like Jamie, are still on the fence when it comes to calling Bitcoin a legit currency.
Despite the constant pushback from critics, my girl Bitcoin continues to defy the odds. She’s proven to be resilient, bouncing back time and again, much to the chagrin of its detractors. It’s a tug-of-war between old-school finance and the new one.
So here we are. Stuck in a loop with Jamie Dimon’s one-sided beef with Bitcoin. Whether he’s genuinely concerned about investors or just likes the sound of his own voice is anyone’s guess. But one thing’s clear. Bitcoin isn’t going anywhere, Jamie. It’s simply too late now.
