Jamie Dimon Calls Bitcoin A 'Fraud'

[BobK71]

See news report here.

His point that governments will never allow Bitcoin to take off, which would mean their loss of monetary power, is reasonable on the surface, even to seasoned finance professionals.

But it's hard to believe the head of JP Morgan Chase not understanding the history of gold and silver standards.  Of the last five centuries of modern Western history, only over the last 45 years was the chief imperial currency not explicitly pegged to non-state money (gold and/or silver), and these years saw more than their fair share of instability.

In fact, the elites have never really abandoned precious metal standards, because they can't.  The evidence is more than solid that they have secretly manipulated gold and silver prices down over the last decades.  This is no different from gold and silver standards, if you think about it.  Only that, in modern times, the 'pegging' against precious metals is more flexible and not explicit.

Ultimately, the modern Western imperial-financial system doesn't have enough hard power to force its money onto the world.  It must rely on the fiction that its money is worth a certain amount of state-free money that is truly trusted by the public to hold its value, one way or another.  (And if that state-free money is crypto, they can even do their pegging cheaply and without embarrassment.)

The only state that *did* have enough power to impose its fiat money was China after about 1000 AD, as the Chinese empire was a centrally controlled universe unto itself.  Even there, after a few centuries that ended in disastrous inflation, China went to physical silver.

But no, I don't think Dimon is ignorant.  He's likely playing his part in the elites' control of Bitcoin's price.  There's a decent chance he advised his relatives to load up on Bitcoin after his comments!

[1714026003]

1714026003

[bn88]

Everyone has their own point. Bitcoin was made base on the POW system. So time will improve to us and Jamie Dimon that he's totally wrong about Bitcoin .

[laurenB7742]

It's quite simple really. Bitcoin is against hist interests. Investment money is going to bitcoin and bitcoin is cutting his part of the cake. He knows he is influential man so he took advantage of this and caused a little dip in bitcoin price. People are selling bitcoins for the last two days and he hopes some od this money will be invested to J.P.Morgan.

[Mometaskers]

Of course he don't like it. What can be more horrible for the banking system and government both than people using a currency neither of them can manipulate. Sure, most people now get into bitcoins because of the value against fiat but the main objective for bitcoin is for people to be able to transact and save money with minimal gov't interference.

I wouldn't be surprised if banker are also buying bitcoins during dips.

[BigBoy89]

All those banker are calling something 'A Fraud' or 'A Legitimate' product driven only by one reason - MONEY.
And he's not right about the governments. Is Japan you could do a lot with BTC. In Switzerland you could even legally pay your taxes in some cantons with BTC.

[Hydrogen]

There are a lot of people with economic and financial backgrounds coming out in the media claiming "bitcoin is a bubble, bitcoin is priced twice what it should be, the real price of bitcoin should be $2,700, bitcoin is a ponzi scheme" and making similar remarks. James Dimon is far from being the only one.

The timing of these announcements which correlate to china's recent announcement and the overreaction with a sell off is very interesting.

As far as I know, precious metals can't be eliminated without devaluing gold and reducing the effectiveness of gold holdings traditionally used to back issued fiat.

[batang_bitcoin]

This guy does really want to ruin bitcoin and it is his tough competitor so he wants to say that bitcoin is fraud so he's followers will not try to add some demand and value to bitcoin. Did you ever watched guys the video of John McAfee answering Dimon's statement about "bitcoin a fraud"? McAfee is really a nice guy listen to his answers.
Link: https://www.cnbc.com/2017/09/13/john-mcafee-challenges-jamie-dimon-bitcoin-skepticism.html

[CoinsCoinsEverywhere]

Yeah, Dimon is probably playing his own games.  A few years ago, bitcoin at least seemed (to me anyway) to be more of a threat to the global currency order.  But as time has gone on and bitcoin has become more pervasive, a lot of problems have cropped up that I think are going to inhibit its growth in the future (not necessarily it's price, but how much it's used)...things like its use in fraud, black market transactions, slow transaction times, etc.  Solutions are being worked on for some of these things, but without more controls and protections, which go against the nature of what bitcoin is supposed to be about, not enough people will trust and adopt it to make it a reserve global currency.

[BitFinnese]

See news report here.

His point that governments will never allow Bitcoin to take off, which would mean their loss of monetary power, is reasonable on the surface, even to seasoned finance professionals.

But it's hard to believe the head of JP Morgan Chase not understanding the history of gold and silver standards.  Of the last five centuries of modern Western history, only over the last 45 years was the chief imperial currency not explicitly pegged to non-state money (gold and/or silver), and these years saw more than their fair share of instability.

In fact, the elites have never really abandoned precious metal standards, because they can't.  The evidence is more than solid that they have secretly manipulated gold and silver prices down over the last decades.  This is no different from gold and silver standards, if you think about it.  Only that, in modern times, the 'pegging' against precious metals is more flexible and not explicit.

Ultimately, the modern Western imperial-financial system doesn't have enough hard power to force its money onto the world.  It must rely on the fiction that its money is worth a certain amount of state-free money that is truly trusted by the public to hold its value, one way or another.  (And if that state-free money is crypto, they can even do their pegging cheaply and without embarrassment.)

The only state that *did* have enough power to impose its fiat money was China after about 1000 AD, as the Chinese empire was a centrally controlled universe unto itself.  Even there, after a few centuries that ended in disastrous inflation, China went to physical silver.

But no, I don't think Dimon is ignorant.  He's likely playing his part in the elites' control of Bitcoin's price.  There's a decent chance he advised his relatives to load up on Bitcoin after his comments!

I believe he shorted his Bitcoin trade and releases the statement to accumulate Bitcoin in way cheaper price.  Known people have lots of contact.  Probably he have known what Chinese government is brewing before he announced that statement.  Probably he knows that the announcement will make Bitcoin plummet and to add more on that he releases his own version of Bitcoin FUD.  Then voila!  Bitcoin price plummet.

[princesocapuyo]

See news report here.

His point that governments will never allow Bitcoin to take off, which would mean their loss of monetary power, is reasonable on the surface, even to seasoned finance professionals.

But it's hard to believe the head of JP Morgan Chase not understanding the history of gold and silver standards.  Of the last five centuries of modern Western history, only over the last 45 years was the chief imperial currency not explicitly pegged to non-state money (gold and/or silver), and these years saw more than their fair share of instability.

In fact, the elites have never really abandoned precious metal standards, because they can't.  The evidence is more than solid that they have secretly manipulated gold and silver prices down over the last decades.  This is no different from gold and silver standards, if you think about it.  Only that, in modern times, the 'pegging' against precious metals is more flexible and not explicit.

Ultimately, the modern Western imperial-financial system doesn't have enough hard power to force its money onto the world.  It must rely on the fiction that its money is worth a certain amount of state-free money that is truly trusted by the public to hold its value, one way or another.  (And if that state-free money is crypto, they can even do their pegging cheaply and without embarrassment.)

The only state that *did* have enough power to impose its fiat money was China after about 1000 AD, as the Chinese empire was a centrally controlled universe unto itself.  Even there, after a few centuries that ended in disastrous inflation, China went to physical silver.

But no, I don't think Dimon is ignorant.  He's likely playing his part in the elites' control of Bitcoin's price.  There's a decent chance he advised his relatives to load up on Bitcoin after his comments!

Never take off? Haha he is scared. Banks are in the denial stage and are just trying to scare people but its too late the damage has already been done, or should I say the healing?

[Paecga129]

See news report here.

His point that governments will never allow Bitcoin to take off, which would mean their loss of monetary power, is reasonable on the surface, even to seasoned finance professionals.

But it's hard to believe the head of JP Morgan Chase not understanding the history of gold and silver standards.  Of the last five centuries of modern Western history, only over the last 45 years was the chief imperial currency not explicitly pegged to non-state money (gold and/or silver), and these years saw more than their fair share of instability.

In fact, the elites have never really abandoned precious metal standards, because they can't.  The evidence is more than solid that they have secretly manipulated gold and silver prices down over the last decades.  This is no different from gold and silver standards, if you think about it.  Only that, in modern times, the 'pegging' against precious metals is more flexible and not explicit.

Ultimately, the modern Western imperial-financial system doesn't have enough hard power to force its money onto the world.  It must rely on the fiction that its money is worth a certain amount of state-free money that is truly trusted by the public to hold its value, one way or another.  (And if that state-free money is crypto, they can even do their pegging cheaply and without embarrassment.)

The only state that *did* have enough power to impose its fiat money was China after about 1000 AD, as the Chinese empire was a centrally controlled universe unto itself.  Even there, after a few centuries that ended in disastrous inflation, China went to physical silver.

But no, I don't think Dimon is ignorant.  He's likely playing his part in the elites' control of Bitcoin's price.  There's a decent chance he advised his relatives to load up on Bitcoin after his comments!

I believe he shorted his Bitcoin trade and releases the statement to accumulate Bitcoin in way cheaper price.  Known people have lots of contact.  Probably he have known what Chinese government is brewing before he announced that statement.  Probably he knows that the announcement will make Bitcoin plummet and to add more on that he releases his own version of Bitcoin FUD.  Then voila!  Bitcoin price plummet.

That's exactly correct. These guys in powerful positions use their influence in the world to influence the price. It's scandalous, but hopefully they don't actually invest in BTC, just other cryptos that will eventually fail as they're centralized.

[Jake052478]

Well that is because he is a banker.... No doubt that he was threatened by the fact that Bitcoins or cryptocurrencies were being embraced by the people.  Besides, bitcoins do not have boundaries. It can be used by all nationalities and no doubt about that... So he is just protecting his investment....

[kimochidesh]

Another propaganda from JP Morgan's officials to pull back bitcoin price, but this time no price fall in Bitcoin market. Their strategy is to release a negative statement and buy more on Dips. So stay calm...and keep investing.

[QlooQl]

Goldman Sachs employees almost always say the exact opposite of what they do. Look the 2008 financial crisis in the US. The bank was literally selling bundles of bad mortgages AND betting against them simultaneously. The sell side was praising the AAA, AA, and A tranches of different financial assets meanwhile the short side of their trading arm was short-selling those very same products hand over fist. You can bet that while Mr. Dimon says these things there are "dark pools" in GS that are buying crypto like no tomorrow. They will build a huge bubble and create the pop themselves then short all the way down.

[eagleman]

Another propaganda from JP Morgan's officials to pull back bitcoin price, but this time no price fall in Bitcoin market. Their strategy is to release a negative statement and buy more on Dips. So stay calm...and keep investing.

I knew it, he has something for bitcoin and why not he just show his desire to get some more bitcoin that will get the attention of other investors too. Since he's a banking figure there will be people who are following him that will do the same thing and that will be a win-win situation to him because after buying the price will be increasing after his action and words that has been spoken to the public.

[Hydrogen]

See news report here.

His point that governments will never allow Bitcoin to take off, which would mean their loss of monetary power, is reasonable on the surface, even to seasoned finance professionals.

Is fiat losing monetary power is relevent to a state?

Governments do everything in their power to raise deficits higher. This reduces confidence & kills monetary power. A governments existence in the modern era is typically defined by spending as inefficiently and wastefully as possible. This also kills monetary power. Judging by actions governments universally support raising deficits and spending tax revenues as wastefully as possible, with their end goal seemingly being to lose monetary power and destroy the value of their own wealth.

After more than 50 years of the united states federal government supporting policies which ensure loss of their own monetary power, one might be certain they will support bitcoin as it seamlessly meshes in perfect lockstep with everything else they've done for the past century.

[BobK71]

See news report here.

His point that governments will never allow Bitcoin to take off, which would mean their loss of monetary power, is reasonable on the surface, even to seasoned finance professionals.

Is fiat losing monetary power is relevent to a state?

Governments do everything in their power to raise deficits higher. This reduces confidence & kills monetary power. A governments existence in the modern era is typically defined by spending as inefficiently and wastefully as possible. This also kills monetary power. Judging by actions governments universally support raising deficits and spending tax revenues as wastefully as possible, with their end goal seemingly being to lose monetary power and destroy the value of their own wealth.

After more than 50 years of the united states federal government supporting policies which ensure loss of their own monetary power, one might be certain they will support bitcoin as it seamlessly meshes in perfect lockstep with everything else they've done for the past century.

Issuing money and debt is how the top politicians and bankers get their power and wealth.  You are right that this has the side effect of reducing trust in their money, everything else being equal.  But I think this is just a necessary evil, from their point of view.

The imperial elites also have many tools at their disposal to counter this side effect.  One of the most important is having governments around the world help support the dollar, and using the US dominance in the global military and mass media spheres to intimidate leaders into obedience via threat of 'regime change.'

[defc0de]

He is the fraud. Look at how many penalties are imposed on JP Morgan's History in the financial sector. Creating FUD and buying the dips from it to gain millions in a single trade is a complete market abuse and fraud. It's so obvious that the elites wanted to control crypto

[Xester]

No one will believe in him right now.  After his malicious announcement that bitcoin is a fraud.  Then you will read that he bought a huge amount of bitcoin.  It was all his strategy to have some good amoubt of bitcoin.  It is his way for its price to go down and invest.  Rich people are like that.  They are good in manipulation.

[player514]

No one will believe in him right now.  After his malicious announcement that bitcoin is a fraud.  Then you will read that he bought a huge amount of bitcoin.  It was all his strategy to have some good amoubt of bitcoin.  It is his way for its price to go down and invest.  Rich people are like that.  They are good in manipulation.

Why has this been bumped up again? This was a while ago. I agree with the method that you stated; I definitely think he was buying the dip that he created himself. However, it could have also been him testing the power he had over Bitcoin as well.

[darkangel11]

He is the fraud. Look at how many penalties are imposed on JP Morgan's History in the financial sector. Creating FUD and buying the dips from it to gain millions in a single trade is a complete market abuse and fraud. It's so obvious that the elites wanted to control crypto

Of course he is. Most people don't realize how banking works. They are offering you money they don't have. When you are given a loan, you are given a promise that you will get your money and you are promising them to pay it back in a couple years. In reality if you don't pay back they will try to take your home, car, other bank accounts, but if they fail to supply the money you can't do much to them. The law protects banks and BTC is about to change it and give people a choice.

[stellgod]

See news report here.

His point that governments will never allow Bitcoin to take off, which would mean their loss of monetary power, is reasonable on the surface, even to seasoned finance professionals.

But it's hard to believe the head of JP Morgan Chase not understanding the history of gold and silver standards.  Of the last five centuries of modern Western history, only over the last 45 years was the chief imperial currency not explicitly pegged to non-state money (gold and/or silver), and these years saw more than their fair share of instability.

In fact, the elites have never really abandoned precious metal standards, because they can't.  The evidence is more than solid that they have secretly manipulated gold and silver prices down over the last decades.  This is no different from gold and silver standards, if you think about it.  Only that, in modern times, the 'pegging' against precious metals is more flexible and not explicit.

Ultimately, the modern Western imperial-financial system doesn't have enough hard power to force its money onto the world.  It must rely on the fiction that its money is worth a certain amount of state-free money that is truly trusted by the public to hold its value, one way or another.  (And if that state-free money is crypto, they can even do their pegging cheaply and without embarrassment.)

The only state that *did* have enough power to impose its fiat money was China after about 1000 AD, as the Chinese empire was a centrally controlled universe unto itself.  Even there, after a few centuries that ended in disastrous inflation, China went to physical silver.

But no, I don't think Dimon is ignorant.  He's likely playing his part in the elites' control of Bitcoin's price.  There's a decent chance he advised his relatives to load up on Bitcoin after his comments!

I think most of these guys are stressed up and they need to take some rest. Apparently that is why they keep talking bullshit. Or he just wants to talk too for talking sake for recognition. These guys are angry they didn’t take part in getting bitcoin earlier and really want to get it cheaper.

[boyptc]

He called a squad just to support his statement that bitcoin is a fraud, his Wall St. fraud gang. And well when the whole world realizes that he is just spreading some FUD then the price reacts, we are now aware that the price of bitcoin pumped to $4,400 now and even how bad the FUD he is going to spread still it doesn't help as the price of bitcoin is still pumping up and no one can stop it.

[ss890]

All the negative people again. Saw this kind of news many times and most of the people are involved into direct and indirect financial system who hates bitcoin. Even politician now are hating it because they know how bitcoin can eat the treasure if they did not looked after it today. It can be chaos for bitcoin in first place due to all the money driven into bitcoin and people aren't taking any interest in there finances. That's just really simple to think about it.

[nl247]

He is the fraud. Look at how many penalties are imposed on JP Morgan's History in the financial sector. Creating FUD and buying the dips from it to gain millions in a single trade is a complete market abuse and fraud. It's so obvious that the elites wanted to control crypto

I am not surprised. This has always been his Job! Manipulations! Fraud!! Creating FUDs!!! The same way they have been controlling the market for their gain. It is just very unfortunate that so many gullible set of people fell into his FUD trap and ended up dashing the enemy their coins! What a way to loose your savings.

[Rhum142]

I don't know what he said about Bitcoin not Etherum or Litecoin....but I wouldn't advise anyone to invest in it at all. You're basically gambling your money. With any stock, its also kinda gambling. But at least you have financial statements and other data to do an analysis on the company. You can determine if you think its undervalued/overvalued. Bitcoin has nothing like that. You just have a bunch of current investors telling you to do it so their investment goes up.

[bhadz]

All the negative people again. Saw this kind of news many times and most of the people are involved into direct and indirect financial system who hates bitcoin. Even politician now are hating it because they know how bitcoin can eat the treasure if they did not looked after it today. It can be chaos for bitcoin in first place due to all the money driven into bitcoin and people aren't taking any interest in there finances. That's just really simple to think about it.

They not really hate bitcoin, they just want to take another of their plans to get some more bitcoin. And before it looks very effective because that "fraud" thing was given when the ICO drama and ban of exchange in China was happening. But look on where we are today, that drama isn't stopping and the price of bitcoin is quite good and handsome at this moment. This is why I like bitcoin when someone says it's a fraud, expect peaks.

[TravelMug]

He is the fraud. Look at how many penalties are imposed on JP Morgan's History in the financial sector. Creating FUD and buying the dips from it to gain millions in a single trade is a complete market abuse and fraud. It's so obvious that the elites wanted to control crypto

I am not surprised. This has always been his Job! Manipulations! Fraud!! Creating FUDs!!! The same way they have been controlling the market for their gain. It is just very unfortunate that so many gullible set of people fell into his FUD trap and ended up dashing the enemy their coins! What a way to loose your savings.

But it has backfired already. Bitcoin has recovered ever since his "bitcoin is a fraud" attacks. Yes, he is what you can call a opportunist and a market manipulator. Actually JP Morgan has been unmasked as one of the big entities that is manipulating the price as evident of the Jamie Dimon attack and the subsequent buying of huge amount by them. So clearly they want to spread FUD to pull the price then they will bought it back at cheap price. So I hope everyone will not fall for his bashing of bitcoin in the future. Its better to hodl even if you see that the price is going down because it can recover immediately.

[hase0278]

Is fiat losing monetary power is relevent to a state?

Governments do everything in their power to raise deficits higher. This reduces confidence & kills monetary power. A governments existence in the modern era is typically defined by spending as inefficiently and wastefully as possible. This also kills monetary power. Judging by actions governments universally support raising deficits and spending tax revenues as wastefully as possible, with their end goal seemingly being to lose monetary power and destroy the value of their own wealth.

After more than 50 years of the united states federal government supporting policies which ensure loss of their own monetary power, one might be certain they will support bitcoin as it seamlessly meshes in perfect lockstep with everything else they've done for the past century.

That will probably be what they will do but they wont let fiat lose monetary movement just yet because they enjoy controlling their wealth with less efforts. They could not control bitcoin completely and they would need to exert a lot of effort and they would need to expend a lot of wealth in order for them to control btc temporarily so even if they support bitcoin, they will just try to manipulate it to their convenience.

[XinXan]

We are at 4.4k already even with all the news from chine or jamie dimon. This really shows that the bitcoin community just doesn't give a fuck about them. This is making bitcoin so much stronger, I mean if we can recover from that so quickly it means that the price will only go up from here.

[katiecbell]

Everyone has their own point. Bitcoin was made base on the POW system. So time will improve to us and Jamie Dimon that he's totally wrong about Bitcoin .

The funniest part is that he knows he is wrong, but these guys are so greedy and selfish they want to keep manipulating the financial system like they have always been. Do you know how much the banking system has reaped people off?

[AtheistAKASaneBrain]

Jamie Dimon has already been humilliated by bitcoin once again. The price is now higher than the price of the pre-FUD attack of Dimon and China. Now we jus need to hit an all time high to finish the job.

Meanwhile Morgan Stanley CEO said that Bitcoin is not a fad. Christine Laggarde also said that we must not ignore cryptos. Some bankers are smart enough to realize bitcoin will never fail.

[deadsilent]

Now, he is going to eat what he said before. Calling bitcoin a fraud and they're caught buying while the bitcoin is at the dip. He is worst than fraud. I know at first that this is all drama. It's just a game to get some cheap bitcoins. But we must admit they can still influence other people. Look at the huge drop after Jamie Dimon and China crackdown against bitcoin. Investors were shrugged off. I can't blame them why they have to do such things. They are threatened their business because of bitcoin. But they can't stop bitcoin.

[ronafurw]

See news report here.

His point that governments will never allow Bitcoin to take off, which would mean their loss of monetary power, is reasonable on the surface, even to seasoned finance professionals.

But it's hard to believe the head of JP Morgan Chase not understanding the history of gold and silver standards.  Of the last five centuries of modern Western history, only over the last 45 years was the chief imperial currency not explicitly pegged to non-state money (gold and/or silver), and these years saw more than their fair share of instability.

In fact, the elites have never really abandoned precious metal standards, because they can't.  The evidence is more than solid that they have secretly manipulated gold and silver prices down over the last decades.  This is no different from gold and silver standards, if you think about it.  Only that, in modern times, the 'pegging' against precious metals is more flexible and not explicit.

Ultimately, the modern Western imperial-financial system doesn't have enough hard power to force its money onto the world.  It must rely on the fiction that its money is worth a certain amount of state-free money that is truly trusted by the public to hold its value, one way or another.  (And if that state-free money is crypto, they can even do their pegging cheaply and without embarrassment.)

The only state that *did* have enough power to impose its fiat money was China after about 1000 AD, as the Chinese empire was a centrally controlled universe unto itself.  Even there, after a few centuries that ended in disastrous inflation, China went to physical silver.

But no, I don't think Dimon is ignorant.  He's likely playing his part in the elites' control of Bitcoin's price.  There's a decent chance he advised his relatives to load up on Bitcoin after his comments!

Yes I agree with you. The dishearten comments and obligations about something which in being accepted allow the world eliminates its value. You are right that many governments will never allow bitcoin as legal digital currency after the statement of Jamie Dimon and the banning of ICO in China. Both have different ideas and thoughts from the people of the world who have already invested in bitcoin many years ago.

[jossiel]

Jamie Dimon has already been humilliated by bitcoin once again. The price is now higher than the price of the pre-FUD attack of Dimon and China. Now we jus need to hit an all time high to finish the job.

Meanwhile Morgan Stanley CEO said that Bitcoin is not a fad. Christine Laggarde also said that we must not ignore cryptos. Some bankers are smart enough to realize bitcoin will never fail.

Dimon is one of those bankers that are smart enough and realized that they can't stop bitcoin. Just like the famous quotes, if you can't beat them - join them.

And so Dimon has to join the bitcoin economy and his entrance is quite odd and disgusting for us because he had to say that bitcoin is fraud.

What if he just expressed his support to bitcoin? He can even avail to buy thousands of it, he's a CEO of a banking company why he wants to buy cheaper one if after his expression in supporting to bitcoin can make the price doubled.

[matuson]

Bitcoin cannot be called a Scam just because people were not deceived and does not force you to buy bitcoins. People do it voluntarily. No one is immune from the fact that the price may fall. It depends on market conditions. Bankers feel threatened by cryptocurrencies and so they together with the government will lead the fight against this phenomenon.

[Bezdonov Art]

No one will believe in him right now.  After his malicious announcement that bitcoin is a fraud.  Then you will read that he bought a huge amount of bitcoin.  It was all his strategy to have some good amoubt of bitcoin.  It is his way for its price to go down and invest.  Rich people are like that.  They are good in manipulation.

As the growth in the adoption of the currency with retailers expands and awareness of the currency increases, so should confidence in Bitcoin.

[lordquanta]

See news report here.

His point that governments will never allow Bitcoin to take off, which would mean their loss of monetary power, is reasonable on the surface, even to seasoned finance professionals.

But it's hard to believe the head of JP Morgan Chase not understanding the history of gold and silver standards.  Of the last five centuries of modern Western history, only over the last 45 years was the chief imperial currency not explicitly pegged to non-state money (gold and/or silver), and these years saw more than their fair share of instability.

In fact, the elites have never really abandoned precious metal standards, because they can't.  The evidence is more than solid that they have secretly manipulated gold and silver prices down over the last decades.  This is no different from gold and silver standards, if you think about it.  Only that, in modern times, the 'pegging' against precious metals is more flexible and not explicit.

Ultimately, the modern Western imperial-financial system doesn't have enough hard power to force its money onto the world.  It must rely on the fiction that its money is worth a certain amount of state-free money that is truly trusted by the public to hold its value, one way or another.  (And if that state-free money is crypto, they can even do their pegging cheaply and without embarrassment.)

The only state that *did* have enough power to impose its fiat money was China after about 1000 AD, as the Chinese empire was a centrally controlled universe unto itself.  Even there, after a few centuries that ended in disastrous inflation, China went to physical silver.

But no, I don't think Dimon is ignorant.  He's likely playing his part in the elites' control of Bitcoin's price.  There's a decent chance he advised his relatives to load up on Bitcoin after his comments!

He is not ignorant at all. He knows what he is doing. In fact might be well aware of consequences of his action. And that consequence is creating FUD that is fear, uncertainty, doubt among investors, buyers so that market price of bitcoin will be shaken. This helps in easy catch. These big players tend to use these tactics when market is not controller by a central authority. Like gold or fiat currency who have governing authority. It becomes easy to control and manipulate these authorities as per will.  However market like Bitcoin is decentralized which makes these people to change their tactics.  The big investor like bill gates and Marc Andreessen are not fools. They know what is going on. And are still accumulating bitcoins.
Be ready more and more such news in future. Just HODL your coins for long and keep buying them at regular intervals.

[futuret]

We are at 4.4k already even with all the news from chine or jamie dimon. This really shows that the bitcoin community just doesn't give a fuck about them. This is making bitcoin so much stronger, I mean if we can recover from that so quickly it means that the price will only go up from here.

Yeah you are right a lot of the bitcoin haters came and go but it does not affect the bitcoin or the value of the bitcoin, people still believe in bitcoin and they are making the high amount of money from bitcoin. The currency of the bitcoin is much higher than the currency of the money. If some people don’t like bitcoin it will not take bitcoin but a lot of people are there to support it.

[jekjekman]

We are at 4.4k already even with all the news from chine or jamie dimon. This really shows that the bitcoin community just doesn't give a fuck about them. This is making bitcoin so much stronger, I mean if we can recover from that so quickly it means that the price will only go up from here.

Yeah you are right a lot of the bitcoin haters came and go but it does not affect the bitcoin or the value of the bitcoin, people still believe in bitcoin and they are making the high amount of money from bitcoin. The currency of the bitcoin is much higher than the currency of the money. If some people don’t like bitcoin it will not take bitcoin but a lot of people are there to support it.

This is very true that Bitcoin is so unstoppable right now despite of the issue that is arising left and right, its just shaken down the price of bitcoin with only a few weeks and slowly comes back to where it has been, it is a good sign for the bitcoin community itself though that this comeback is happening in just a short period of time after too much volatility.

Let the people learn from their mistake as it is the best teacher especially to those who joined the wave of the price when it is falling down, they are now regretting in not trusting the potential and the foundation of bitcoin through out this hard times.

[jennywhzz]

See news report here.

His point that governments will never allow Bitcoin to take off, which would mean their loss of monetary power, is reasonable on the surface, even to seasoned finance professionals.

But it's hard to believe the head of JP Morgan Chase not understanding the history of gold and silver standards.  Of the last five centuries of modern Western history, only over the last 45 years was the chief imperial currency not explicitly pegged to non-state money (gold and/or silver), and these years saw more than their fair share of instability.

In fact, the elites have never really abandoned precious metal standards, because they can't.  The evidence is more than solid that they have secretly manipulated gold and silver prices down over the last decades.  This is no different from gold and silver standards, if you think about it.  Only that, in modern times, the 'pegging' against precious metals is more flexible and not explicit.

Ultimately, the modern Western imperial-financial system doesn't have enough hard power to force its money onto the world.  It must rely on the fiction that its money is worth a certain amount of state-free money that is truly trusted by the public to hold its value, one way or another.  (And if that state-free money is crypto, they can even do their pegging cheaply and without embarrassment.)

The only state that *did* have enough power to impose its fiat money was China after about 1000 AD, as the Chinese empire was a centrally controlled universe unto itself.  Even there, after a few centuries that ended in disastrous inflation, China went to physical silver.

But no, I don't think Dimon is ignorant.  He's likely playing his part in the elites' control of Bitcoin's price.  There's a decent chance he advised his relatives to load up on Bitcoin after his comments!

We should ignore haters Like jamie dimons. Its true every person has their own point of view but it doesn't effect on bitcoin neither there price. China banned ICO JP morgan say bad words about this currency what they gain at the end ? Did bitcoin came to an End ? Did people stopped using the bitcoins. No, the price is still high,and everyone using it .

[dart vader]

Jamie Dimon is the CEO of one of the world's largest banks and he clearly knows that Bitcoin's rising price is a big threat to banks. Jamie Dimon called Bitcoin a fraud and recommended people to stop investing in Bitcoin because he wanted to drop the price of Bitcoin and the same happened.Then he buyed large number of Bitcoins at a very low rate and made J.P. Morgan the biggest buyer of Bitcoin. It was a really smart move by him.

[Koadharber]

See news report here.

His point that governments will never allow Bitcoin to take off, which would mean their loss of monetary power, is reasonable on the surface, even to seasoned finance professionals.

But it's hard to believe the head of JP Morgan Chase not understanding the history of gold and silver standards.  Of the last five centuries of modern Western history, only over the last 45 years was the chief imperial currency not explicitly pegged to non-state money (gold and/or silver), and these years saw more than their fair share of instability.

In fact, the elites have never really abandoned precious metal standards, because they can't.  The evidence is more than solid that they have secretly manipulated gold and silver prices down over the last decades.  This is no different from gold and silver standards, if you think about it.  Only that, in modern times, the 'pegging' against precious metals is more flexible and not explicit.

Ultimately, the modern Western imperial-financial system doesn't have enough hard power to force its money onto the world.  It must rely on the fiction that its money is worth a certain amount of state-free money that is truly trusted by the public to hold its value, one way or another.  (And if that state-free money is crypto, they can even do their pegging cheaply and without embarrassment.)

The only state that *did* have enough power to impose its fiat money was China after about 1000 AD, as the Chinese empire was a centrally controlled universe unto itself.  Even there, after a few centuries that ended in disastrous inflation, China went to physical silver.

But no, I don't think Dimon is ignorant.  He's likely playing his part in the elites' control of Bitcoin's price.  There's a decent chance he advised his relatives to load up on Bitcoin after his comments!

We should ignore haters Like jamie dimons. Its true every person has their own point of view but it doesn't effect on bitcoin neither there price. China banned ICO JP morgan say bad words about this currency what they gain at the end ? Did bitcoin came to an End ? Did people stopped using the bitcoins. No, the price is still high,and everyone using it .

Its not surprising these kind of news everywhere on where there are lots of haters on bitcoin and even china did ban ico and close exchanges but bitcoin stood strong no matter what theres a strong support on it which we can really see that the price hasnt affected too much which signifies bitcoin can stand no matter what would be the fuds or issues thrown at it.

[super5star]

Of course he don't like it. What can be more horrible for the banking system and government both than people using a currency neither of them can manipulate. Sure, most people now get into bitcoins because of the value against fiat but the main objective for bitcoin is for people to be able to transact and save money with minimal gov't interference.

I wouldn't be surprised if banker are also buying bitcoins during dips.

I am not surprised they are buying at the dips too, both JP Morgan and Jamie. They know no amount of word will stop the blockchain technology from going on but they apparently want to have some part of it at a better price.

[cryptoalfs76]

See news report here.

His point that governments will never allow Bitcoin to take off, which would mean their loss of monetary power, is reasonable on the surface, even to seasoned finance professionals.

But it's hard to believe the head of JP Morgan Chase not understanding the history of gold and silver standards.  Of the last five centuries of modern Western history, only over the last 45 years was the chief imperial currency not explicitly pegged to non-state money (gold and/or silver), and these years saw more than their fair share of instability.

In fact, the elites have never really abandoned precious metal standards, because they can't.  The evidence is more than solid that they have secretly manipulated gold and silver prices down over the last decades.  This is no different from gold and silver standards, if you think about it.  Only that, in modern times, the 'pegging' against precious metals is more flexible and not explicit.

Ultimately, the modern Western imperial-financial system doesn't have enough hard power to force its money onto the world.  It must rely on the fiction that its money is worth a certain amount of state-free money that is truly trusted by the public to hold its value, one way or another.  (And if that state-free money is crypto, they can even do their pegging cheaply and without embarrassment.)

The only state that *did* have enough power to impose its fiat money was China after about 1000 AD, as the Chinese empire was a centrally controlled universe unto itself.  Even there, after a few centuries that ended in disastrous inflation, China went to physical silver.

But no, I don't think Dimon is ignorant.  He's likely playing his part in the elites' control of Bitcoin's price.  There's a decent chance he advised his relatives to load up on Bitcoin after his comments!

Jamie Dimon calls  bitcoin a fraud because he is one of many crtics of bitcoin,maybe  he has own purpose why he doing this,maybe he has a business that affected by the succes of bitcoin,we respect of his own opinion,unleast for us bitcoin is legit and continue to grow in our crypto world.we should not be affected from jamie dimon words he is only one agains us,who continue supporting the bitcoin legacy.

[sindikat]

Jamie Dimon is the CEO of one of the world's largest banks and he clearly knows that Bitcoin's rising price is a big threat to banks. Jamie Dimon called Bitcoin a fraud and recommended people to stop investing in Bitcoin because he wanted to drop the price of Bitcoin and the same happened.Then he buyed large number of Bitcoins at a very low rate and made J.P. Morgan the biggest buyer of Bitcoin. It was a really smart move by him.

Perhaps he will not buy bitcoins. His interests lie in another. He wants to bitcoin died. People do not want to keep money in banks. It is profitable to buy bitcoins. Perhaps the banks are already beginning to feel the shortage of deposits. Without this they cannot exist. Bitcoin is the collapse of the existing banking system. That's why all the bankers against bitcoin.

[wantjokull]

And do you really think government can interfere in this issue? I agree completely on the fact that bitcoin is not liked by the government and other financing institutes because it doesn’t fit in their monetary system. Its killing their tax as well as income. However, I believe that decentralisation of bitcoin is its greatest weapon or shield may be which it can use to avoid its resistance from he government. The issue is big I know and government will never solve the problem but will increase it more so may be anything can happen. But for now bitcoin is really safe to invest as it will take another decade for government to give a right or wrong decision about it.

[Kemarit]

Jamie Dimon is the CEO of one of the world's largest banks and he clearly knows that Bitcoin's rising price is a big threat to banks. Jamie Dimon called Bitcoin a fraud and recommended people to stop investing in Bitcoin because he wanted to drop the price of Bitcoin and the same happened.Then he buyed large number of Bitcoins at a very low rate and made J.P. Morgan the biggest buyer of Bitcoin. It was a really smart move by him.

Perhaps he will not buy bitcoins. His interests lie in another. He wants to bitcoin died. People do not want to keep money in banks. It is profitable to buy bitcoins. Perhaps the banks are already beginning to feel the shortage of deposits. Without this they cannot exist. Bitcoin is the collapse of the existing banking system. That's why all the bankers against bitcoin.

We really don't know what his intentions are but its clearly manipulation on his end. Whether his friends or company are benefiting remains to be seen. But one things for sure, banking institution really wants bitcoin to fail but attacking it with all sorts of negative sentiments. Funny thing is, bitcoin price continuously and exponentially growing so they should think of another strategy to attack their enemy. But bitcoin is so resilient that I thought that no one can really stop bitcoin, specially today the price is really going up by the day.

[CaterpillarRave]

Jamie Dimon is really cute  . He's too noob to see the potiental of Bitcoin.

[BobK71]

Of course he is. Most people don't realize how banking works. They are offering you money they don't have. When you are given a loan, you are given a promise that you will get your money and you are promising them to pay it back in a couple years. In reality if you don't pay back they will try to take your home, car, other bank accounts, but if they fail to supply the money you can't do much to them. The law protects banks and BTC is about to change it and give people a choice.

Totally agreed.  Our debt must be repaid, or else.  If the banks have trouble repaying their debt, various government-sponsored support schemes are deployed.  Among them are 'deposit insurance', allowing banks to bail out each other (i.e. collusion in the market,) actually bailing them out with public money, and 'bank holidays' (closing bank offices so depositors can't stand in long lines to get their money out.)

Ultimately, the banking system and top politicians work hand in hand to help each other issue 'money' and benefit from receiving wealth and power without doing work.  Politicians benefit by being able to issue public debt and immediately receive political capital from spending the 'free' money or using it to reduce taxes.

The problems of this system are left to future generations, and especially to poor/developing countries today.

[markdario112616]

Jamie Dimon is really cute  . He's too noob to see the potiental of Bitcoin.

To be honest, you are too noob to understand why did Jamie Dimon did it. If you could see after this person stated Bitcoin is fraud, a number of people did sold their coins because they begin to panic. What happen if people sold their coins? Probably the supply is high and the demand is low definitely the value of Bitcoin depreciate. After a day or two JP Morgan did bought Bitcoin and issued another statement about cryptocurrencies but this time it's a positive one.

This guy is genius, He did try to manipulate the market by using his power and popularity for their own sake. He do know what can Bitcoin do and he see it crystal clear.

[TorbjornE]

My opinion is that it's not in bitcoin, but in general in crypto currencies, which are gradually becoming better than electronic money tied to the fiate currencies. Already many crypto currencies have a higher transaction rate than visa / mastercard, and the transaction price is even lower. Security and anonymity also play a positive role.
His strike on bitcoin is because many crypto currencies are nominated in bitcoin.

[cryptosluck]

all the banking sector in wall street are investing crypto related products Jamie Dimon from Jp morgan is feeling unsecured regarding the bankers interest on bitcoin so he gave these kind of statements

[BobK71]

And do you really think government can interfere in this issue? I agree completely on the fact that bitcoin is not liked by the government and other financing institutes because it doesn’t fit in their monetary system. Its killing their tax as well as income. However, I believe that decentralisation of bitcoin is its greatest weapon or shield may be which it can use to avoid its resistance from he government. The issue is big I know and government will never solve the problem but will increase it more so may be anything can happen. But for now bitcoin is really safe to invest as it will take another decade for government to give a right or wrong decision about it.

I would love to agree with you, but, in reality, there is a good chance the US created Bitcoin in secret.

Whether this is true really doesn't matter.  What I know is that the US will be the biggest beneficiary of Bitcoin and cryptos, because it doesn't have enough gold and silver to stabilize its system.  (Trust me, despite what the mainstream commentary tells you, hard money is always the key to ultimate power.)

What it cost the Federal Reserve to buy up half of Bitcoin in secret, was probably less than a rounding error in the Fed's accounting.

Whether it created BTC or rides the wave of something created by a real, independent, and fiercely self-effacing person or group, really doesn't matter in the final analysis.

[BossMacko]

The hell i care whoever call Bitcoin as a fraud, My life change big time because of Bitcoin. I started to use Bitcoin when its price was 400 - 600$ so i was able to profit a lot especially in the year 2017. Bitcoin is a good technology and if people will just realize the power of cryptocurrency it can change the world it will lesten poverty in any part of the world.

[cellard]

Jamie Dimon is the CEO of one of the world's largest banks and he clearly knows that Bitcoin's rising price is a big threat to banks. Jamie Dimon called Bitcoin a fraud and recommended people to stop investing in Bitcoin because he wanted to drop the price of Bitcoin and the same happened.Then he buyed large number of Bitcoins at a very low rate and made J.P. Morgan the biggest buyer of Bitcoin. It was a really smart move by him.

Perhaps he will not buy bitcoins. His interests lie in another. He wants to bitcoin died. People do not want to keep money in banks. It is profitable to buy bitcoins. Perhaps the banks are already beginning to feel the shortage of deposits. Without this they cannot exist. Bitcoin is the collapse of the existing banking system. That's why all the bankers against bitcoin.

We really don't know what his intentions are but its clearly manipulation on his end. Whether his friends or company are benefiting remains to be seen. But one things for sure, banking institution really wants bitcoin to fail but attacking it with all sorts of negative sentiments. Funny thing is, bitcoin price continuously and exponentially growing so they should think of another strategy to attack their enemy. But bitcoin is so resilient that I thought that no one can really stop bitcoin, specially today the price is really going up by the day.

I don't believe there is a conspiracy with Jamie Dimon, neither I believe he is scared of it and he is saying that to deter potential buyers. He really thinks it is a fraud and will go nowhere. He moves trillions worth of USD daily, so he looks at Bitcoin as an irrelevant joke for nerds.

Don't get me wrong, he may be using his influence to crash the price and buy the dip, but I honestly think he doesn't care, he thinks the USD is unbeatable and he is high in the USD mountain, he sees no value outside of government backed money and never will. He thinks BTC can never take USD's spot as reserve currency, from his PoV, he just doesn't care, and if you were him, you would not bother as well and call it a fraud.

[jossiel]

The hell i care whoever call Bitcoin as a fraud, My life change big time because of Bitcoin. I started to use Bitcoin when its price was 400 - 600$ so i was able to profit a lot especially in the year 2017. Bitcoin is a good technology and if people will just realize the power of cryptocurrency it can change the world it will lesten poverty in any part of the world.

This news was reported last year so FYI, Jamie Dimon is now part of the bitcoin community.

His company bought bitcoin during the dip last year after calling bitcoin a fraud. It was a tactical fraud so that people will panic and will drive the price down.

And when it's all set, he will start buying at the dip.

[stayeduptolate]

See news report here.

His point that governments will never allow Bitcoin to take off, which would mean their loss of monetary power, is reasonable on the surface, even to seasoned finance professionals.

But it's hard to believe the head of JP Morgan Chase not understanding the history of gold and silver standards.  Of the last five centuries of modern Western history, only over the last 45 years was the chief imperial currency not explicitly pegged to non-state money (gold and/or silver), and these years saw more than their fair share of instability.

In fact, the elites have never really abandoned precious metal standards, because they can't.  The evidence is more than solid that they have secretly manipulated gold and silver prices down over the last decades.  This is no different from gold and silver standards, if you think about it.  Only that, in modern times, the 'pegging' against precious metals is more flexible and not explicit.

Ultimately, the modern Western imperial-financial system doesn't have enough hard power to force its money onto the world.  It must rely on the fiction that its money is worth a certain amount of state-free money that is truly trusted by the public to hold its value, one way or another.  (And if that state-free money is crypto, they can even do their pegging cheaply and without embarrassment.)

The only state that *did* have enough power to impose its fiat money was China after about 1000 AD, as the Chinese empire was a centrally controlled universe unto itself.  Even there, after a few centuries that ended in disastrous inflation, China went to physical silver.

But no, I don't think Dimon is ignorant.  He's likely playing his part in the elites' control of Bitcoin's price.  There's a decent chance he advised his relatives to load up on Bitcoin after his comments!

Not only Jamie Dimon , there are many other who are calling bitcoin a fraud, a chit fund company, a Ponzi scheme or a bubble that would burst away like Warren Buffet and many more are there who don’t believe in bitcoin investment and does not find investing into bitcoin trust worthy, and moreover the time of bitcoin is also not going so good so giving these people chances to speak but still I believe when the condition and valuation will improve and bitcoin itself will answer these people by it’s hiked valuation.

[HSRP]

The hell i care whoever call Bitcoin as a fraud, My life change big time because of Bitcoin. I started to use Bitcoin when its price was 400 - 600$ so i was able to profit a lot especially in the year 2017. Bitcoin is a good technology and if people will just realize the power of cryptocurrency it can change the world it will lesten poverty in any part of the world.

Congratulations, you have got high sales in the electronics market. Fortunately for such accomplishments, I believe you have tried every day to achieve the results as expected. And since then I have absolutely faith in them, hope in the future will have more fun to people.

[pobeditelvezde]

Jamie Dimon is a prominent person but it is just his opinion likewise he did not proved his point of view so he just told his private opinion. Read the article and pay attention that the accent is shifted on that Jamie Dimon is a chairman and CEO of JPMorgan Chase. It looks like a manipulation when an author wants to increase a meaning of a statement by telling that that statement was said by a prominent person which we should trust without investigating. Let us assume that his supposion is true and the goverment will not acknowledge bitcoin as a currency like dollar but bitcoin is not a rival for dollar because both of them solve various tasks. Due to the similar statements from famous people amateurs are usually gets confused. By the way, why Jamie Dimon have not mentioned about the benefits of bitcoin comparing with fiat currencies or from his point of view those do not make sense.
Well, dear investors and traders, do not trust anybody and examine everything themselves because the similar statements from famous people might mislead some part of you so whoever says something, do not trust him and examine his statements because you might lose your capital by following wrong ideas and opinions.