Jamie Dimon, CEO of JP Morgan Chase has dug his own career grave in my opinion. His latest statements seen on Bloomberg and Marketwatch lead me to this obvious conclusion.
I would like to highlight the following notable statements from an investor conference in New York, saving the worst, which led me to write this blog post, for last.
- Statement 1:
"Bitcoin will eventually blow up. It’s a fraud. It’s worse than tulip bulbs and won’t end well"
Alright, so fair enough, it may turn out to be a bubble, though I highly doubt it. Blockchain and its associated currencies, including BTC, have already shown that they provide massive advantages over current technologies and payment methods. We are still at the dawn of cryptocurrency and we are looking at a technology as far reaching as internet was over 20 years ago. But this isn't what strikes me the most about this statement, as we have heard many say it before, and many have looked silly after.
No he states "Botcoin is a fraud."
Seriously, why call it a fraud? To be sure a fraud is "a person or thing intended to deceive others, typically by unjustifiably claiming or being credited with accomplishments or qualities." Surely this is not the case. No one is being deceived here, it is very clear what BTC is, what the advantages and disadvantages are and what the risks are to invest in it. Just search the internet and one can easily find everything there is to know about BTC. There is no deceit here, Jamie, just ignorance from a CEO who should know better then to make unsubstantiated claims.
Statement 2 (you will love this one):
"If a JPMorgan trader began trading in bitcoin, I’d fire them in a second. For two reasons: It’s against our rules, and they’re stupid. And both are dangerous."
This statement baffles me for a number of reasons.
- Investing and trading in BTC has provided massive returns to the people involved. Why ignore a market that obviously has this much potential? Volatility is a traders friend and cryptocurrencies have a far higher volatility than anything else in the financial markets.
- A trader should be able to trade any product of value that has the liquidity to close out the position in a short period of time. BTC trading fulfills this criterion. Hell, even if polluted air would be traded and the market is liquid enough to take and close positions instantly, i wouldn't mind a trader to do what he does best. Make money by taking a position or providing liquidity. Typically a trader would use a stop loss for his positions any way, the maximum one can lose can be defined upfront.
- Finally the statement is just disrespectful to all people who have invested in cryptocurrency. He calls everyone of those stupid. Have you invested in Steem? Have you got any position in any crypto? Then you're one of them too! Or rather, one of us...
In one sentence Jamie lost all my confidence in him as CEO. Not in the least as they are creating there very own cryptocurrency. In my view that is called a hypocrite. Best to check that one in the dictionary Jamie!
References:
https://www.bloomberg.com/news/articles/2017-09-12/jpmorgan-s-ceo-says-he-d-fire-traders-who-bet-on-fraud-bitcoin?cmpid=socialflow-twitter-business&utm_content=business&utm_campaign=socialflow-organic&utm_source=twitter&utm_medium=social
http://www.marketwatch.com/story/dimon-calls-bitcoin-a-fraud-and-may-have-delivered-the-biggest-blow-to-the-digital-currency-2017-09-12
https://en.oxforddictionaries.com/definition/fraud
Images:
https://www.thestreet.com/story/14302710/1/dimon-bitcoin-losingbet.html
Great article my friend, Dimon is not dumb and he knows what he is talking about. But every word he says he (and anybody in the industry) does it for a reason. He knows he has influence in the market thats why he said that. I think there are two scenarios why:
Thanks. Yes i agree with point number one. He was talking about cryptos in general though, and the effect a declining bitcoin has on altcoins including ETH is pretty damning. In a few months he will be exposed for holding BTC himself. Or maybe will use his daughter to hold them, as she is a holder of BTC already.
Maybe he hates the fact that his daughter outperformed JpMorgan traders by a landslide.
Haha! That must hurt of course. Or he should be proud...
Think alike, that's just non-sense.
It is a desperate way to keep apart people that haven't been into the crypto sphere IMO.
I have also the feeling of this being the excuse the market was waiting to correct deeper, as China's ban news failed to scare the market enough.
STEEM ON!
I think you are right, its even dipping further now. Time for this correction to be over! ;)
Agreed. Plus this whole comparison to the tulip thing is bogus. Just read a great post ripping that comparison to shreds.
https://steemit.com/money/@thehutchreport/dimon-is-whistling-thin-air-out-of-his-two-lips-bitcoin-is-not-like-the-tulip-bubble
thanks, gonna read that now. Cheers for commenting and upvoting!
F*%$ that guy! He is a moron plain and simple. I hope he resigns after this and his company goes belly up AGAIN!
hahaha couldnt have put it any better way. Should have just written that instead! Thanks for commenting mate
Bitcoin is just a token used in a global decentralised ledger system. Nothing more, nothing less. There is no fail.
That price is volatile, does not make Bitcoin less attractive as a leading global ledger.
Fuck JP Morgan and their corrupted activities. Of course they are angry that bitcoin is stealing their customers.
Saw a nice tweet from Erik Voorhees (SEO of Shapeshift): "My memory is failing, was it Bitcoin or was it JP Morgan that was bailed by the government?"
sucka!!! corruption always get exposed...all in good time he will as well
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STOPJP Morgan Chase CEO calls Bitcoin a fraud, interesting.....just googled their company and the word "fraud" and came up with an extensive list - here's just one link http://www.reuters.com/article/usa-energy-jpmorgan/j-p-morgan-faces-suit-over-power-market-manipulation-claims-idUSL1N0WD19P20150311
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Maybe he will fix this sentence in the next few days. He is still a man very respectifull in the scenarium
I hope so for him. As one of the other people have stated, remarks like these are Trump-esk, not CEO worthy. Or presidential for that matter, but that is a different topic.
Thank you for saying what I was thinking but was a bit too conservative to say ...
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“Jamie Dimon’s public assertions did not only affect the reputation of bitcoin, they harmed the interests of some of his own clients and many young businesses that are working hard to create a better financial system,” said Blockswater executive Florian Schweitzer.
https://news.bitcoin.com/jamie-dimons-bitcoin-statements-reported-as-market-abuse-in-sweden/