Dimon’s tirade against Bitcoin, which has caused the cryptocurrency’s price to slide to $3,800 level while Bitcoin Cash is holding at $466, didn’t come as a surprise. The banker, after all, has been an outspoken nemesis of Bitcoin who predicted in 2015 that the cryptocurrency wouldn’t survive.
Two years later, and surprise, surprise—Bitcoin is still here and is starting to attract mainstream attention. And this begs the question: Why is Dimon so skeptical of cryptocurrencies? The answer may be because Dimon, along with the rest of Wall Street, is intimidated by Bitcoin.
And they should be. If you recall, Dimon’s JPMorgan was among the chief architects of the 2008 global financial crisis, which paved the way to the rise of cryptocurrencies. Bitcoin’s blockchain technology
Read more about this here. Now I understand the big reason why this man resorted to be the official nemesis of Bitcoin as he was involved in the almost catastrophic 2008 debacle that toppled many financial institutions had it not been for the big bail-out sponsored by the taxpayers' money.
Some people can feel like they are the very expert of something new. The problem with the Bitcoin community is we are listening to this man and we are reacting according to what he wanted us to do. Let's not make his words self-fulfilling prophecy.
Bitcoin can go down anytime as we are in an open market but soon it can find the sunshine it needs to get back to where it should be.
