Truth behind JP Morgan's CEO comment about Bitcoin

[affigne]

Hi everyone! I've been thinking on ways of learning and teaching about bitcoins and cryptocurrencies, and can't come with a better idea than prompting you, the bitcointalk community, to participate in polls about the cryptoworld, so everyone can vote and post their opinion on the subject.

Hope I can count on you guys for this.

So, here's the first poll I'm doing, and it has to do with JP Morgan CEO, James Dimon, and his comment about how bitcoin and the tulip bubble are similar, if not, the same, and how it was a big fraud as well.

Let me know your opinion on the matter.

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[CryptoBry]

Hi everyone! I've been thinking on ways of learning and teaching about bitcoins and cryptocurrencies, and can't come with a better idea than prompting you, the bitcointalk community, to participate in polls about the cryptoworld, so everyone can vote and post their opinion on the subject. Hope I can count on you guys for this. So, here's the first poll I'm doing, and it has to do with JP Morgan CEO, James Dimon, and his comment about how bitcoin and the tulip bubble are similar, if not, the same, and how it was a big fraud as well. Let me know your opinion on the matter.

I am voting for the fact that he is just plain ignorant about Bitcoin and that he is just bluffing Bitcoin so the value can possibly go low and they can buy cheaper. Though we have to accept it that it is difficult to determine how much influence were his words against Bitcoin because at the same time he said those words news from China started to trickled in.

[affigne]

actually and iirc, there was a moment just after his comment where btc value dropped quickly, so it's probably that he had some influence. Although the deep dive in general was beacuse of China's movement against cryptocurrencies.

[Sadsong]

Think he chose a good moment to kick bitcoin with the Chinese exchange issue in play and it was calculated to the extent that he wanted to see disruption in value.
Most financial arms of decent size have been working on cryptocurrency of their own behind closed doors and I think we will see multiple groups kicking bitcoin in the future so they can launch a similar product that they control.

Just my theory as I do not see them doing this to manipulate the price to buy more.

[NorrisK]

Number 1 for sure.

All he wants is to slow down the momentum that bitcoin and crypto was gaining to give them more time to adjust to the future.

[Pab]

I chosed who care,click ignore,raport to moderator Diamond is simply trolling

[amishmanish]

Definitely No. 1
The last thing these present-day wizards of financial dealings want is to have people become independent of the cycle of debt and servitude that currency perpetuates. Having control over currency has worked really well for these money printers. Owning and minting currencies ensures that they get there ''cut'' in every transaction when an exchange of service/ goods happen. Bitcoin and the concept of ICOs, directly threatens that.
They'll do everything in their power to discredit it..

[Ucy]

Afraid of Bitcoin capabilities most likely reason... there could be other possibe reasons though.
I think he was the one who suggested a controlled Blockchain with Master key few months ago.

[Pettuh4]

Afraid of Bitcoin capabilities most likely reason... there could be other possibe reasons though.
I think he was the one who suggested a controlled Blockchain with Master key few months ago.

That guy has an ulterior motive against Bitcoin and we shouldn't make him a hero by discussing him. He sure has evil reasons which he exclusively knows will inure to his benefit.

[Laergan]

Jamie Dimon is a very smart man. He has to be. And smart men know the consequences of their actions and the influence that his words have on markets around the world. He had to know that his negativity on Bitcoin would lead to a price drop. And if he didn't view Bitcoin as a threat, why bother commenting on it, especially with such bitterness that he would fire any banker supporting the coin. He knew what he was doing, and he knew that he was going to make a profit on the dump.

[finthebar]

Jamie Dimon is a very smart man. He has to be. And smart men know the consequences of their actions and the influence that his words have on markets around the world. He had to know that his negativity on Bitcoin would lead to a price drop. And if he didn't view Bitcoin as a threat, why bother commenting on it, especially with such bitterness that he would fire any banker supporting the coin. He knew what he was doing, and he knew that he was going to make a profit on the dump.

Short version = Who knows?

Longer version =
I agree that Jamie is a smart man, he would not be where he is today without lots of smarts, however, he has spent a lifetime essentially working one system. He has seen many bubbles come and go and has probably created and profited from most of them. He might be looking at Crypto as being a drop in the ocean when compared to traditional currencies - and thus dismissive of them - note he was not dismissive of blockchain generally.

He might well believe that HIS world will not change significantly and his position in it will never be challenged by what he sees as an upstart currency/bubble like BTC.

Who knows?

[aanbudi]

Who knows. In fact, he deliberately made the statement that Bitcoin is a fraud. He took the wrong step by saying that. And suddenly news emerged that he was the biggest Bitcoin buyer yesterday. Actually what he thinks. Extraordinary.

[HODLwearz]

He knows people are keen to the games the banking system is playing with the peoples' money and the connection the industry has to government. I wouldn't be surprised if he takes all those bitcoins he bought during this dip and TRIES to disappear before the people string him up by the neck with the rest of these criminal bankers.

[MiF]

Number 1 for sure.

All he wants is to slow down the momentum that bitcoin and crypto was gaining to give them more time to adjust to the future.

Maybe his corporates think that bitcoin and cryptocurrencies are the number one rival of his companies and businesess that is why he want cryptocurrencies down with collaboration with the Chinese. I heard he have some chinese associates if they have Morgan we have already Bill Gates and Warren Buffet.

[Yakamoto]

Hi everyone! I've been thinking on ways of learning and teaching about bitcoins and cryptocurrencies, and can't come with a better idea than prompting you, the bitcointalk community, to participate in polls about the cryptoworld, so everyone can vote and post their opinion on the subject.

Hope I can count on you guys for this.

So, here's the first poll I'm doing, and it has to do with JP Morgan CEO, James Dimon, and his comment about how bitcoin and the tulip bubble are similar, if not, the same, and how it was a big fraud as well.

Let me know your opinion on the matter.

The man is probably capitalizing on the speculation due to China and making a statement so he can push the value down just that little bit extra so he can make even more money off of purchasing more and waiting for the value to go up again.

Businessmen are patient, opportunistic and willing to take calculated risks, even better when the risk is as small as it is with Bitcoin. As long as it doesn't collapse, there is a lot of money to be had and it just takes some time to get the value to go up again, something most would say is almost guaranteed to happen. Not really surprising to be honest.

[JaredStein]

JP Morgan create FUD and drama only for purpose to buy cheap Bitcoins after.

[An0nyMoose]

How it works:

1) Become CEO of major bank
2) spread FUD about something you want to invest in
3) wait til price drops... invest!

[crismass1225]

Dimon can walk the talk like bill gates interviewed before. Dimon know what he was saying and he knows the capability of bitcoin and other crypto currency that his business was threaten by the outgrowing popularity and price of bitcoin for short and long term process. But as one of a big name in wall street every words that he say when it comes to financial economic market are very powerful that he can influence many people to believe in his words. Thats what happen after he was interview which is the price of btc was down to 5% and later on to 10% in accordance with chinas decision ....

[rjbtc2017]

Hi everyone! I've been thinking on ways of learning and teaching about bitcoins and cryptocurrencies, and can't come with a better idea than prompting you, the bitcointalk community, to participate in polls about the cryptoworld, so everyone can vote and post their opinion on the subject.

Hope I can count on you guys for this.

So, here's the first poll I'm doing, and it has to do with JP Morgan CEO, James Dimon, and his comment about how bitcoin and the tulip bubble are similar, if not, the same, and how it was a big fraud as well.

Let me know your opinion on the matter.

Apparently, i think it was a strategy made by JP Morgan and Dimon to create a mass panic alongside with the massive mainstream media reports about how bitcoin could be a big fraud. It is really disappointing and unimaginble the they need to that to lower the value in order for them to buy at low price.  It is a smart move to decrease the number of weak hands that holds bitcoins.

[yugyug]

JP Morgan's MR. Dimon knows the potential of bitcoin and admired the technology behind it - the blockchain. They even created their own decentralized platform on a blockchain based technology- the Quorum. As an influential person he knows when to manipulate the market and buying a good investment position in bitcoin. Mr. Dimon's fallacy has a greater advantage to bitcoin long term holder, buy low, buy low , buy low and sell high later.