Jamie Dimon is investor in bitcoin

[Karolus]

Jamie Dimon is one of the few bankers who have become billionaires because he's a very smart guy. His bank had subprime mortgages but by the time the financial crisis hit he had gotten rid of most of those. His bank then profited from the crisis by buying assets at distressed prices.

That article with his views on bitcoin is very good. Just because he thinks highly of blockchain doesn't mean he endorses bitcoin. He very clearly thinks bitcoin will fail.

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[Hazir]

Last time I heard about Jamie Dimon he was saying that Bitcoin is useless invention and it won't survive long.

Here is his famous claim: https://www.youtube.com/watch?v=hb3AWedkdwo

He said: 'bitcoin is gonna go nowhere, there is nothing behind bitcoin, bitcoin is worthless'.

And now you are telling me that he is investing in BTC? Yeah, right.

[WaffleMaster]

Last time I heard about Jamie Dimon he was saying that Bitcoin is useless invention and it won't survive long.

Here is his famous claim: https://www.youtube.com/watch?v=hb3AWedkdwo

He said: 'bitcoin is gonna go nowhere, there is nothing behind bitcoin, bitcoin is worthless'.

And now you are telling me that he is investing in BTC? Yeah, right.

All the banks laughed at Bitcoin and now they hold huge conferences and hire experts for a lot of money to see how they can use Bitcoin aka Blockchain technology. So don't go doubting it

[Karolus]

Some people keep confusing bitcoin with blockchain. They are not the same thing. Blockchain is a technology and bitcoin is just one product of that technology. Jamie Dimon and some banks are excited about blockchain but have no faith in bitcoin.

Cars are a technology that has succeeded. But there are hundreds of car brands and car manufacturers that have failed so badly that they don't exist anymore. Likewise, the blockchain technology can succeed, even if bitcoin fails.

[Karolus]

The crypto token doesn't need to be bitcoin.

Some financial institutions are interested in blockchain because they regard it as an interesting bookkeeping system and transfer mechanism. That doesn't mean they want bitcoin. If they want a cryptocurrency, they'll create their own.

But I doubt they're interested in the microtransactions of the masses. They're more likely interested in how blockchain can help transfer securities in the capital markets. For example, the value of stocks and bonds traded per business day is about $1 trillion. Compared to that, the total value of bitcoin is just a statistical rounding error. Bitcoin is trivial for the big financial institutions.