JP Morgan CEO Jamie Dimon Says Global Recession Not Coming: Effect On Bitcoin?

[mycoinrisk]

“I didn’t want to be the spokesman against bitcoin. I don’t really give a shit — that’s the point, OK?” - Jamie Dimon

Jamie Dimon CEO of JP Morgan and once accused leader of the Bitcoin haters has publicly stated that a global recession is not coming, despite many frightened investors and economists believing a recession will occur soon.

According to Dimon on Fox Business, “It looks to me like a slowdown [not a recession]. Sentiment changed dramatically for a whole bunch of different reasons. But the United States is still growing, at 2.5%. We just had some good wage data.”

Usually to my understanding, when the stock market performs well the sentiment and confidence in investors is high, which could result in investors looking for even more places to invest their cash such as Bitcoin and other cryptocurrencies.

Read the full article here

BTC

[boyptc]

“I didn’t want to be the spokesman against bitcoin. I don’t really give a shit — that’s the point, OK?” - Jamie Dimon

Ahaha this what he said? come on, he's been known to be buying during those times he's been bashing bitcoin.

Yeah he don't care but action speaks louder than words. Sooner or later there will be articles again on how much he's apologizing that he said such words against bitcoin.

[gentlemand]

It's an interesting question to ponder.

I'd rather we didn't experiment with the effects of global markets taking a shit and stuck to a settled wider picture for BTC to do its thing in relative peace.

As it stands crypto is nothing more than a wild bet to most people so I don't think it would weather things well if they turned south now. The longer disaster doesn't happen the more solid crypto will be when it does occur. It still might take a decade or two to be a real alternative.

[franky1]

wage data is twisted by those earning $1mill salary now on $3mill salary.. but the other 99% of people earning $7.25 are now only earning $7.50-$10

so although the rich have 3x more to invest. average joe only has 0.3x

which with what is known as the baby boomers (population bloat after the ww2 who become adults in the 70's) now reaching retirement age. (lots of people were having more kids in the 50's-60's 'peace time')
where that extra 10% of population outside the norm will stop putting funds INTO retirement funds and instead be taking OUT from retirement funds.. far more than normal retirement output of a community

imagine it this way 9 people put $500 a year in for 50 years($45k a decade)
but in a certain generation there are 10 people putting in $500 a year for 50 years ($50k a decade)
in the hopes what you get out at retirement is ~10years of living worth 5x more then a decade(get back what they put in)
i simplified things to exclude inflation and other variables



as you can see the generation that has extra population will impact the 'moneypot' of retirement investment companies and also national treasuries of state pensions(social security pensions)

in this scenario. for a whole decade either:
A) retiree's income for the whole community takes a cut and they get 10% less than expected
or
B) the retirement investment firms/social security are at a loss of 25000 instead of a 5000 gain to balance the pot to give retiree's what is deserved

in short..
it wont be a housing/sub-prime loan trigger this time. which they can cancel out by just zero-ing debt of zero cost to hide impact
it would be a retirement fund trigger which they cant easily zero-out as the funds are not 'credit creation' this time.. but actual peoples investments/value

[pooya87]

what else did you expect from one of the biggest banksters in US?!
he is supposed to say there is no recession coming and advertise that everything is fine. they were doing the same more than 10 years ago when the other recession happened. they weren't saying we effed up and wrecked the world. they were saying everything is fine while things were burning to the ground and they continued saying it as long as they could.

[franky1]

they were saying everything is fine while things were burning to the ground and they continued saying it as long as they could.

admitting panic causes more panic.

eg
investor admitting they'll buy X tomorrow causes everyone to buy X today, thus costing an investor more to buy X tomorrow
so investors only admit things after they have took their own action

JPMorgan dont want a bank run, until they themselves have got their own funds out

[Kakmakr]

The Bankers will say anything to mask the real problem that the global economy is failing, not just the US. All the political involvement with things like the Trade wars are protecting the US, but the other countries are suffering because of that and they will bring down the US economy if their economy fails.

We saw what happened with EU when smaller countries <PIGS> started to fall during the previous economic crisis in 2008/2009. 

[Fluxtorrence9]

Damn I still don't understand why people are like this ,why the hate in public and buying privately? Is this some kind of manipulation? No matter what you haters do I'm sticking with bitcoin for a very long time

[Maestro75]

admitting panic causes more panic.

eg
investor admitting they'll buy X tomorrow causes everyone to buy X today, thus costing an investor more to buy X tomorrow
so investors only admit things after they have took their own action

This is the type of game Morgan likes to play. He FUDS about Bitcoin a lot and make weak and shallow investors to panic. I stopped listening or reading him early 2018.

[elda34b]

Damn I still don't understand why people are like this ,why the hate in public and buying privately? Is this some kind of manipulation? No matter what you haters do I'm sticking with bitcoin for a very long time

That's the rule dude. If you told people what you're buying then you won't get maximum profits. Same thing happened again and again, when will we learn? There's no need to listen JP Morgan, just learn economics and decide whether recession is coming or not.

Without sound money, it's impossible to keep system running continously.

[kelz1]

He is shilling the US economy to encourage people to continue trading in the stock markets. However, he knows himself that they are doomed and the only way out is a decentralised global economy around bitcoin

[bitbunnny]

This is probably something what somebody told him to say but that necessary doesn't mean it's true. He probably wanted to encourage people in a way because I think many of us are aware that new recession is coming. And I would say this is something that occurs regulary and can't be avoided, it's some kind of economy rule.
How will recession reflect on Bitcoin? I don't think it will make some direct consequences but if recession comes people might turn to Bitcoin as an alternative and thus influence the demand ratio on the market.

[dothebeats]

He knows that something's up but he just wants to lure more people into the market just in case. What else would you expect from a banker that earns millions or billions every year doing nothing, duping people out of their money? First off, there'd be no trade wars happening between different countries if everything is in harmony. Second, most expert economists who have predicted the same recession in 2008 wouldn't be shitting their pants if something isn't happening. Third, Jamie Dimon has been known spewing things that never happened (or were unlikely to happen) and always turn out wrong in the end.

[PoolMinor]

they were saying everything is fine while things were burning to the ground and they continued saying it as long as they could.

admitting panic causes more panic.

eg
investor admitting they'll buy X tomorrow causes everyone to buy X today, thus costing an investor more to buy X tomorrow
so investors only admit things after they have took their own action

JPMorgan dont want a bank run, until they themselves have got their own funds out

Run on the bank? What would people need their worthless inflated fiat for? Anyone storing something worthwhile in a bank would be via a safe deposit box, deeds for land and/or PMs. The fiat makers could just as easily demonetize bills larger than $20 bills. See what happened in India 2016 (to combat counterfeit money  ).

Best strategy would be to buy things that will be bartered easily- tobacco, alcohol, water, guns and ammo, non-perishable food, batteries, BTC, etc.

[MFahad]

“I didn’t want to be the spokesman against bitcoin. I don’t really give a shit — that’s the point, OK?” - Jamie Dimon

Ahaha this what he said? come on, he's been known to be buying during those times he's been bashing bitcoin.

Yeah he don't care but action speaks louder than words. Sooner or later there will be articles again on how much he's apologizing that he said such words against bitcoin.

We all know  the tactics which are followed by these big whales. They say something which may bring the moral of the ordinary people down and they sell in loss. These whales then buy back all cheap bitcoins and say something positive making market recover well and they sell in profit.
Keeping this in mind, we should not be panic on such statements by JP or anyone.

[DeathAngel]

Why does anybody treat anything this guy says as important to bitcoin?
He’s an asshole who has his own personal agendas, ignore him.

[valentin68]

What Jamie Dimon has said is true. There is NO RECESSION to come in the economy of the USA for 10-12 years from now on (and I am 80% certain that this will not happen for the next 20-30 years). The economy of the USA is very, very strong, and its growth is amazing.

The American people are the most inventive people in this world and having the most common sense.  America is the symbol of novelty, prosperity and economic growth for the world.

I am from Eastern Europe, a very old world, and I can say that going from Europe to USA is like going from USA to the Moon.

Because America has acepted Bitcoin, this will make Bitcoin stronger and its price grow (20-30x) in the next 2-4 years.

[mindrust]

It will probably be worse than recession. Remember, Jamie Dimon is not there to tell you the truth. He is there to scam you. He will never ever be honest about the future incidents. Do you think he would tell you if we were going to enter recession or even depression? No.

Jamie Dimon works for the bank. Actually he is the bank. Banks are not going to survive if you know about the events to come beforehand and act accordingly. Most of them won't survive either way though they want as many people to be trapped inside banks.

Of course Bitcoin is a stupid thing to Jamie Dimon.

Bitcoin takes power from the bankers and give it to people.

[Red-Apple]

admitting panic causes more panic.

eg
investor admitting they'll buy X tomorrow causes everyone to buy X today, thus costing an investor more to buy X tomorrow
so investors only admit things after they have took their own action

This is the type of game Morgan likes to play. He FUDS about Bitcoin a lot and make weak and shallow investors to panic. I stopped listening or reading him early 2018.

the funny thing is that they used to put down bitcoin in general meaning not just saying bitcoin is bad, but the technology it uses is useless. then recently they started saying the technology is good and even started looking into it.
to me it just shows their fear of bitcoin and how it can take the market out of their hand and even put them out of business.

[boyptc]

“I didn’t want to be the spokesman against bitcoin. I don’t really give a shit — that’s the point, OK?” - Jamie Dimon

Ahaha this what he said? come on, he's been known to be buying during those times he's been bashing bitcoin.

Yeah he don't care but action speaks louder than words. Sooner or later there will be articles again on how much he's apologizing that he said such words against bitcoin.

We all know  the tactics which are followed by these big whales. They say something which may bring the moral of the ordinary people down and they sell in loss. These whales then buy back all cheap bitcoins and say something positive making market recover well and they sell in profit.
Keeping this in mind, we should not be panic on such statements by JP or anyone.

Yes, they drive the feelings of the small investor like us and believes that everything they say is wisdom. This is one of the perks of becoming rich, every word that comes out from your mouth is knowledge and wisdom.

I guess its a signal that they still want to have more and drive the market into a longer bear for their own advantage.