Jamie Dimon Calls Bitcoin A 'Fraud'

[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 .

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[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.