JP Morgan’s chief executive Jamie Dimon raised his latest criticism of Bitcoin by declaring it a “fraud” and saying he would fire any of his traders if he trades with Bitcoin. Dimon offered these statements during an appearance at an event hosted by Barclays. Bitcoin’s long-term critic said the Crypto Coin “would not survive” in November 2015 when the price fluctuated around $ 400.
Many have argued that Bitcoin and the entire cryptography industry are in the midst of a considerable bubble given Bitcoin’s massive price increases over the past year, this is totally respectable. It is one thing to talk about a bubble in the net, a dot-com bubble, and another very different thing is to compare it with “tulipomania” as Dimon showed his profound ignorance on the subject.
The comparison of Dimon refers to the “tulipomania” of the Dutch in the 1630s. During this time, Dutch merchants began to speculate on the price of tulips, driving the highest and highest price. At the peak of the bubble, a single tulip lamp would cost the same as a riverfront house in Amsterdam. The “tulipomania”, however, was driven by speculation of an asset that is not particularly valuable. Excluding their beauty, tulips serve for little more. Dimon’s comparison of Bitcoin with tulip bulbs shows shocking ignorance in which Bitcoin and crypto coins fundamentals are concerned. Although Bitcoin achieves general adoption or not, its peer-to-peer network is clearly more valuable and important than a mere flower.
Dimon does not really justify his criticism of Bitcoin. Despite judging the currency “fraud” and “scam” and suggesting that those who trade it are “stupid”, their observations are totally without arguments. Even so, following his speech, some observers, including Bloomberg, pointed out that Bitcoin’s prices began to fall after Dimon’s remarks, so far it has dropped more than 8% all day. Surely her daughter, who, she said, has bitcoins, is not very happy with her father’s appearance.
To put the finishing touch to a painful and ignorant speech in which his panic was felt word for word, he ended by saying:
“If you were in Venezuela, Ecuador, North Korea or a lot of countries like that, or if you were a drug dealer, a murderer, things like that, you better negotiate with bitcoins than in dollars,” he said. “So there may be a market for that, but it would be a limited market”
I do not think it’s a surprise that Dimon is opposed to a technology that allows peer-to-peer direct payments without giving banks the opportunity to take part. Dimon was right to warn that “Silicon Valley is coming.” He stated at an earlier event, a year ago, that Bitcoin developers are “coming to eat our lunch and that’s fine, there would be competition.” Following those statements, Genesis Mining went on the attack.
It seems that now Dimon sees how Bitcoin has risen 300% in just one year and that this is very serious, now stop trying to face Bitcoin and the world of cryptography, and unfortunately for you, you can not stop hundreds of millions of consumers who are fed up with an archaic monetary system controlled by a handful of Wall Street rich people.