Now, it can be told! Jamie Dimon just can’t win with bitcoin. After a series of critical comments about the ever-appreciating cryptocurrency, yesterday JPMorgan’s chief executive pledged to stop talking about it. Bitcoin promptly set a new record price of $5,821 in intraday trading today, up some 11% after Dimon’s pronouncement.
Last month, Dimon called bitcoin a “fraud” during a momentary bout of price weakness. Inconveniently, around the same time a JPMorgan brokerage unit started scooping up a bitcoin asset tracker listed in Sweden on behalf of clients. This led to a complaint with the Swedish regulator, accusing Dimon of market manipulation.
Dimon’s history with bitcoin commentary goes back to 2014, when he declared it a “terrible store of value.” Since then, his public declarations about bitcoin have generally been followed by an eventual rise in the cryptocurrency’s price. It’s almost as if bitcoin’s whales are toying with him.
This material is taken from here. In my opinion, Jamie Dimon was successful in making himself very popular in the world of Bitcoin and the whole cryptocurrency as he was shown to be just another hypocrite releasing statements against Bitcoin when in fact the very firm he is representing is doing something with it. Right now, big financial institutions are salivating at the thought of making some money in cryptocurrency but some are afraid to admit it. Just like Jamie, they are the representative of the old school of thoughts that have proven to be disastrous in many instances.
It is quite funny and a big coincidence that just as Jamie decided not to speak about Bitcoin anymore for reasons he is not telling us, the value of Bitcoin was surging past the $5,000 mark. This is telling us how resilient Bitcoin is and how it can easily rebound from regular price corrections.
Now, we are expecting that many self-professed experts warning us that the big BUBBLE is coming!
