JPMorgan CEO Jamie Dimon says bitcoin is a 'fraud' Whats your take?

[puremage111]

As we know, Jamie stated Bitcoin is a "Fraud"
This statement causes Bitcoin initially break its support level and go below $4,000

Whats your opinion on this statement?

IMO

1)As JP Morgan is a financial firm, they operates tons of bank/investment company. As he mentioned cryptocurrencies affect the growth of Fiat Currencies, do you think the CEO is fear of Cryptocurrencies affect towards banking industry?

2)Moreover, another thing i could think of is the affect towards its financial firm.
In the past years, Bitcoin has show its dominance as an investment and was one of the perfect investment.
JPMorgan involves with tons of investment from multiple parties, as everyone is looking for best ROI.
JPMorgan could invest in Bitcoin, but the risk is big which is not worth for such a huge firm to takes, so they nail it?  

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[Sumo]

Wasn't JPMorgan involved with Zcash?

[jawadmehmood]

He is afraid that if bitcoin or cyrpto currency leads on world then no one gonna pay fees to bank and use crypto currency in routine life.

[Jdope]

of course he would, the banking world is afraid of what cryptocurrencies might become in the future and they're trying to slow  the horse down if not put it down, his words on crypto is utter nonsense

[tiggytomb]

JP Morgan have their own blockchain stuff going on so calling bitcoin a fraud is just stupid.  If anyone is a fraud surely it would be the banks as they are the ones ripping people off and then having the people bail them out when they can't mange their business.

[NL-Bitcoin]

They want to make everyone poor and the elite rich, that's how life works with fiat.
Jamie Dimon.... you... bastard...

Soon Bitcoin will break your dreams!

[Temmy007]

They are afraid of what cryptocurrency will do to the banking industry,  they have to learn change is inevitable,  they should adapt to it. If they can open their eyes to opportunity in cryptocurrency,  they would there is more profit than the fiat system

[HomeToken]

Thank you for for the bitcoin discount today!

[LakeBTC]

Banks make so much money from the status quo. Of course, they don't want any innovation

[13abyknight]

I had this news pop up in my feed and wasn't amazed that JP Morgan called out Bitcoin to be a fraud. They have their own blockchain technologies ongoing and anything above in the chain is clearly head on competition for them.
This isn't the first time someone is calling out BTC to be a fraud and it definitely won't be the last. It's the people's decisions to invest and use the system which is as transparent as glass, open source and most importantly secure.

[ask]

Whales always falls price with speculation before buying. This stupid guy is trying to fall btc price cause they are going to enter btc funding.
Never follow these idiots. They wanna make huge profits with buying cheap btc.
All these rumors is a sign for a hike of btc price

[xenomorphe1]

Who knows? Maybe himself bought some bitcoin as the price is down now. His daughter bought some...
He just want to protect the banking system and his job. Making loan is also fraud...
He is manipulating the market by saying that. He knows that some people will listen to him so he can buy some bitcoin when the price is low.
It is maybe a secret code to say that it is the time to invest in bitcoin?

[cryptohunter]

did he not say he would fire any employees involved with btc?

that alone is very telling and smacks of fear....

lol at btc being a fraud and his fiat dirt made out thin air  isn't

[GRR]

Never trust any bank.

Actually, it is funny. No matter what any financial guy says or tells you, it is probably the opposite or at least an angle to make money. That is how they work. You can only recognize his motives and make some money out of it. I bet they already bought BTC in the recent drop. Those panic sales are idiotic yet again, but good for people who are able to buy stuff. I am buying at least. People are sheep who freak out after the slightest news. And this guy is a wolf who makes money from idiots.

[AleSergio]

Just another price speculation news, why you guys even bother about this one? He is against bitcoin already for a long time and price is still going up.
Don`t worry about such non-sense words, price will recover soon

[pey]

He is buying bitcoin now   They don't like bitcoin because they can't direct bitcoin. I don't think so but maybe they think bitcoin gonna be a threat for them.

[Vaflia]

I think this statement they are trying to raise a panic that they have, in principle, a good work out.

[alyssa85]

JP Morgan have their own blockchain stuff going on so calling bitcoin a fraud is just stupid.  If anyone is a fraud surely it would be the banks as they are the ones ripping people off and then having the people bail them out when they can't mange their business.

That's why he said it - if they discourage people from using the decentralised bitcoin network, then it's back to using propritary networks owned by the banks (using blockchain technology!)

[|Admiral|]

Read the whole post but the thing i would like to quote is :

Dimon predicted big losses for bitcoin buyers. “Don’t ask me to short it. It could be at $20,000 before this happens, but it will eventually blow up.” he said.

So Dimon himself think it can rise to 20,000$ wow, even his daughter claims to have invested in Bitcoins what a mixed culture family.

[Ethereuming]

JP Morgan and big banks are a fraud