[2017-10-24] Jamie Dimon Should Learn About Bitcoin, Says Wamda Capital’s CEO

[ivanpoldark]

Tech investment company Wamda Capital’s CEO, Fadi Ghandour, has suggested JPMorgan Chase head Jamie Dimon should learn more about Bitcoin and other digital currencies before making negative statements against them.

Dimon earlier said that the cryptocurrencies are just a “novelty” and are “worth nothing” and those who invest in them are stupid.

According to Ghandour, Dimon should realize that the cryptocurrencies and Blockchain technology are here to stay. He added that the conventional financial sector could gain a lot from the new era of financial technology (fintech).

    "It is here to stay. Jamie Dimon need to recognize that before he talks about it from a fraudulent point of view. Talk to them, understand them, find a way to regulate them. Let's not make big statements about something we don't understand. Be humble, calm down, come down to earth and learn.”

Performance of Bitcoin

Ghandour, whose company manages the largest cryptocurrency wallet in the Middle East, delivered a speech about digital currencies at the World Bank in mid-October 2017 to show how the technology is being embraced worldwide.

Ghandour also claimed that investors in Bitcoin could get hurt badly if the leading virtual currency experiences a sudden crash. He added, however, that they should be left to make their own investment decisions.

"People could get hurt but also people are mature and can make their own decisions. If you want to be part of a bubble, you are part of a bubble. You understand the risk.”

Bitcoin, the biggest cryptocurrency in terms of market capitalization, reached a new record high price on October 21 and has experienced a huge price rally year-to-date.

https://cointelegraph.com/news/jpmorgan-head-jamie-dimon-should-learn-about-bitcoin-says-wamda-capitals-ceo

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[greeklogos]

What everybody so stacked to Mr. Diamon and his opinion?! This history is not interesting any more, so let's move on!
Many people think that bitcoin is fraud or simply a poizen pyramid, it's clear to us that they are simply not enough informed or dis-informed about crypto.

[okae]

... they are simply not enough informed or dis-informed about crypto. ..

The second one, what i notice in last years is that people are gaining more money by dis-informed to the people than on another way, the good news about it is that it wont keep forever, some day people will understand how good is the bitcoin and the technology behind it, maybe it will not replace fiat money, but is not needed if people start to use it too...

[Taki]

... they are simply not enough informed or dis-informed about crypto. ..

The second one, what i notice in last years is that people are gaining more money by dis-informed to the people than on another way, the good news about it is that it wont keep forever, some day people will understand how good is the bitcoin and the technology behind it, maybe it will not replace fiat money, but is not needed if people start to use it too...

I am afraid that this "some day" is going to be far and late for many of us. Just remain all those moments of history when people where dis-informed and the truth became clear only since months or even years when it was late to change everything. Even now many people who joined to the crypto currencies community few time ago, like I am, regret that we were blind about bitcoin and it's advantages on those stage when the price was like 50-100$. I need a time machine

[Jating]

He raises a valid point, However, Jamie Dimon is very close minded specially with bitcoin. He's very insecure as far as I see it. And there's always 2 opposing side of the spectrum here. There's also someone who is going to attack bitcoin, in this case Mr. hin and on the other side, CEO's who find nothing wrong with it. And I totally agree with him, each investors are different and we know that risk, if is a bubble the let it be. But there still investors who are going a lot of money on the ecosystem because they are willing to take the risk in order to get good dividends.

[iamTom123]

"It is here to stay. Jamie Dimon need to recognize that before he talks about it from a fraudulent point of view. Talk to them, understand them, find a way to regulate them. Let's not make big statements about something we don't understand. Be humble, calm down, come down to earth and learn.”

I am hoping that Jamie Dimon could be able to read that message and make some amends to the whole Bitcoin community even by saying that from now on he would not be opening his mouth again (this time it must be true) relative to Bitcoin. He is showing himself to be unlearned on cryptocurrency and before saying anything negative maybe some homework first.

While I respect Mr. Dimon's opinion as I believe that Bitcoin can be for everybody but not everybody can be for Bitcoin. We all have different opinions but to be using your own position to try to disparage something or someone without balancing things first...now that is the unacceptable. 

Gradually, we are now seeing some CEOs who are on the other side of the fence from the position of Mr. Dimon and this might not be the last as we are finding Bitcoin defenders even from the finance industry itself. This is actually a good trend for Bitcoin and cryptocurrency in general.

[1Referee]

Is it that difficult for people to figure out that this isn't actually a problem of Jamie not understanding what Bitcoin is? I am quite sure that he and everyone related to 'his' scum bank is well aware of what Bitcoin really is. In that regard, I very well understand why he 1) is talking down on Bitcoin, because it's a threat for the entire banking system, and 2) he's just using (ahum, abusing) his status to manipulate the market to book profits. In case of the latter, it was well timed, and it may even had somewhat of an impact, but it's a bit difficult to point at one cause for the price to go down while we had China playing a significant role, a due correction, etc.