Bitcoin Forum

When Jamie Dimon warns against bitcoin, it’s usually a good time to consider buying some

Yesterday, Jamie Dimon, chief executive of JPMorgan Chase, told a conference that he thinks the cryptocurrency bitcoin is a “fraud” and “not a real thing.” He declared that the open-source protocol would eventually “close.” He even went so far as to warn his employees that if they were caught trading bitcoin, they would be fired “in a second” for their “stupidity.”

https://qz.com/1076254/bitcoin-btc-price-mostly-rises-after-jamie-dimon-warns-against-it/

I find this quite amusing :) To be honest, i like when bigwigs try to scare people away. This speaks a volume about how they see bitcoin.

Panic sellers don't have memory. If they did, they would know that Jamie Dimon has done this before a lot of times, and each time that he did, it went higher short after. So I hope that whoever sold and is now below the price they sold at, to buy the dip and enjoy the extra bitcoins, but don't gamble too much hoping to get in cheaper, because bitcoin will recover while you sleep and you may end up be forced to buy at a loss in order to not miss the train to $6000+

I was not thinking logical enough, Yes your perfectly right. I would have put it on notes that every time that hypocrite human being cared to comment about bitcoin it means it is time to buy on low price as a results. How powerful this greedy person can be and think about how genius he was and all bitcoin investors and users are just some kind of low minded individuals. What a shame if i that were my friend. I will just live a life alone on that case.

Let's get some btc then. Its tanking and these rich guys buying at the moment.
And small investors started to panic.
Trading need patience and strong nervs.

People need to read between the lines. If Jamie Dimon says that bitcoin is a fraud, people panic causing the price to go down. And if you are in the market long enough, we will consider right now the best time to get bitcoin because its very cheap. I hope others have the same sentiments as well, instead of panicking and selling their stash of bitcoin. And don't wait for a certain price before getting it because we don't know the direction it would take. If the price go up tomorrow, then you have missed that one opportunity to get into the market at a very cheap price. We should all thank Dimon for shaking the market so that new investors can enter.  ;D

Just a little alteration of his surname and it would really suit his name.   ;D.  But I think he is just maybe playing this one.  What if he really have a good amount of bitcoin and investing on it.  He just want to buy bitcoin for a lower price so he do this announcement.  And for us I see an advantage and an opportunity for me to buy bitcoin again in a lower price.

That's why weak hands are really the victims here. Casual and small investors are evidently selling as well because they are scared as shit that their investment as going red so they try to exit than rather risk losing everything. But the more they sell the more those whalers are laughing at them. Yes, in trading you really need to have the nerves to not be move by this price shift. I'm seeing that a lot of newbies will regret their decision at the end. So should hold and if you have extra funds in you, buy in this dip. Let all of them said negative things about bitcoin, because the more they did, the more the prices could go up in the future.

I think as well that many newcomers have lost money these days.
And I suppose, once they are out, they will stay out.
Their money brought bitcoin to its highest point, and it will take time until new investors will fill that gap.
But I do not think that bitcoin will go down too hard. There are so many people holding bitcoin long term. They will not be affected by one interview and a few rumors in China.

When Jamie Dimon, one of the world's most respected bankers and investors (you forgot to add), warns against bitcoin, "it's usually a good time to consider buying some" based on what? Just to be a contrarian? Because such a shallow logical basis for making an investment decision is a terrible investment thesis.

Also, your post is dishonest. Dimon did say that people who buy bitcoin are stupid, but more importantly he said he would fire anyone at the investment bank because trading in bitcoin is against JP Morgan Chase's rules. I understand that mistake was a limitation based on a poor primary source, but you should actually look up his actual quote on the matter, because this website purposefully misrepresented it.


He's not wrong. The utility of bitcoin and its value do not correlate well, but since we're in a market economy, I suppose that ultimately doesn't matter. That's one crucial area where Dimon can prove to be wrong. If everyone gets on board believing that a worthless trinket (let's call it bitcoin) is really valuable, then it is. It doesn't necessarily matter that it was created out of thin air or if everyone buying it is an idiot. If the demand to own it is there, it is valuable, reasons be damned.

Consider this as another correction after reach $5000 mark, triggered by false alarm from Chinese regulations.
And now bitcoin fall to $3800, stil at higher position but on the other side bitcoin may continue to decline to $3500 which is a good discount for everyone. I'm not worry about it, as soon as bitcoin price fall to the bottom, it will rebound again in matter of days.

Based on the fact that a few times short after such a statement from his side, bitcoin increased in value.


You're right. I did not look up the original statement.


If someone is prepared to pay x for something, it's worth x. Value as such has changed it's nature significantly in the last decades/centuries.

As for inventing currency out of thin air, i did not see him having an issue when fed prints dollar bills without having them backed by anything.

That is actually really really funny those who do not adapt will be left behind

Well, I don't care about whatever crap jamie dimon talks about. I've had enough of his sht. He lost his credibility long time ago in my eyes., plus all the controversies he's in now?? That is just another reason to doubt his credibility as a person. I don't hate him, imI just don't consider his existence. Besides, I believe I know already what I should do so no point in reading his shitty comments about bitcoin.

He's trying to get cheap coins.

True that. This sorta reminded me of talks about making a bot to follow Trump's tweet and sell/buy accordingly since the shares of company he attacks eventually go down. Same with the president in our country (except it's more blatant that it's his friends that rush to buy the shares).

If they'll ever make such a thing, they should add Jamie to their follow list, ahahaha.