In 2017, Honorable Chief Executive Officer of JP Morgan, Jamie Dimon had become the undisputed captain of the bitcoin-bashing brigade. He said that the white-hot cryptocurrency was a fraud that would eventually crash to zero. Now that the cryptocurrency market bubble has popped, though, he said that he doesn’t want to gloat.
Dimon Claims He ‘Doesn’t Take Any’ Joy in Crypto’s Collapse
In Davos, while speaking about the sidelines of the World Economic Forum, Dimon told to a national media channel of United States, that he did not take any joy in the fact that the price of bitcoin, which has once broached 20 thousand dollars, has dropped to 82 percent from it’s all-time high to a present level of 3,572 dollars. Although, Dimon could not resist taking another swipe at bitcoin, if only indirectly, by praising the Bitcoin, which he says is a “real technology.” He said that Blockchain is a real technology since it is just a database where users can able to access features that got updated time-being. Adding to his statements, he said that the media partially had to be blamed for all the hype surrounding these cryptocurrencies. In the interview, we can notice him saying that “You put bitcoin on National media every single day for a year.”
Dimon’s Long History of Bitcoin Bashing
Dimon had been far more verbose in his disdain pointing especially on the cryptocurrencies in the past. In addition to calling bitcoin a fraud, he derided crypto investors as stupids, not even excluding his daughter, who herself a crypto investor. Particularly, in a memorable tirade, Dimon said that those investors would pay the price when governments decided to crush the nascent asset class.
Sharing his thoughts on the Internet, he stated that, “I could care less what bitcoin trades for, how it trades, why it trades, who trades it. If you’re stupid enough to buy it, you’ll pay the price for it one day. I’ve also told people that it can trade at $100,000 before it trades to zero. Tulip bulbs traded for $75,000 or something like that.”
Till date, for the time being, Jamie Dimon has retained the high ground in his war of words with the cryptocurrency faithful. Moreover, while the prices of bitcoin have taken a steep inclination hit since the year 2017 peak, it has never crashed to zero. Also, there were many signs that the market may be on the verge of turning a corner.