He did it again. On Thursday Jamie Dimon said he was “not going to talk about Bitcoin anymore”. The next day, on Friday, commented that governments will “crash” Bitcoin.
When the JPMorgan CEO had to answer a question, in the Fortune Global Forum, about Bitcoin and cryptocurrencies, he answered that a Bitcoin economy would never happen. “If the government says that the currency is illegal and that it is against the law, if you use it again we put you in jail”, he said. But those were not the only words he used, “governments will crash it (Bitcoin) one day”, he remarked.
“I wouldn’t put this (Bitcoin) high in the category of important things in the world, but I’m not going to talk about Bitcoin anymore”, commented on Thursday the chairman of JPMorgan Chase, as it was reported by Bloomberg. As we already know, it was not in this way.
“Bitcoin is a fraud”
Those were not the only comments he gave about Bitcoin and Cryptocurrencies in the last weeks.
While speaking at a bank investor conference in New York on September the 12th, Jamie Dimon said that Bitcoin “is a fraud” and will eventually blow up, reported Reuters. He didn’t stop there. He said that if he would know that an employee had bought Bitcoin in his company, he would not hesitate to fire him. “It is against our rules and they (the employees) are stupid, and both things are dangerous”, he said.
After these last words, China decided to ban fundraising via ICOs arguing that they were protecting Chinese people from speculation, and illegal activities like tax evasion and crime. After this ban, Bitcoin price went down from $4375 to $2975 US dollars in just two days.
Weeks after China, South Korea decided to ban ICOs in the same way and with the same arguments used by the Chinese government.
Not everything about Bitcoin and Blockchain is bad
But Jamie Dimon does not believe that everything in connection with Bitcoin is bad. He made a clear distinction between Bitcoin and blockchain, the technology that allows Bitcoin to work. “The technology (blockchain) will be used to transport money. But it will not be Bitcoin, but US Dollars that will be transported”, he concluded.
JPMorgan is investing hardly in new technologies that would allow to reduce transactional costs and make transactions faster. The CEO of the largest bank in the United States supports a currency that would be centralized and controlled by a state, like the US Dollar, not any other cryptocurrency that has no “real value”, as he commented.
At the moment, bitcoin is being traded around $5700 dollars and didn’t blow up yet.
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