Jamie Dimon & Tulip Bulbs

[aoluain]

Jamie Dimon – CEO JP Morgan Chase

Jamie Dimon was a staunch critic and another interesting figure in regards to Bitcoin,
I say “was” because in a recent interview he doesn’t seem to be as quick to slate it.
His recent comment was “its not my cup of tea” which has softened considerably
from his famous comment “It is worse than tulips bulbs,” which references the massive
speculative Tulip market bubble in Holland in the early 1600’s

Eventhough JD was not a fan of Bitcoin he has an understanding of how it worked and is
interested in Blockchain technology stating “Its a technology which we’ve been studying,
and yes its real, it can probably reduce the cost of doing business. If it proves to be cheap
and secure, it would be adapted for a whole bunch of stuff”

He realized that moving into Blockchain was the least JP Morgan could do and created their
own coin JPMcoin which is pegged to the Dollar unfortunately for them.

Another interesting move by JP Morgan was they added Coinbase and Gemini Trust to their client list.
JPMorgan Chase & Co. agreed to take on two Bitcoin exchanges as banking clients in a move that shows
the company getting more comfortable with an industry its top leader once spurned.

Some of Jamie Dimons previous comments

2015 – November 5th –

“This is my personal opinion, there will be no real, non-controlled currency in the world.
There is no government that’s going to put up with it for long …
there will be no currency that gets around government controls.”

2016 – January 10th

 “Bitcoin the currency is going nowhere. There is nothing behind it, and if it was big the governments would stop it,”

2017 – September 21st

“is a fraud.”

“The currency isn’t going to work. You can’t have a business where people can invent a currency
out of thin air and think that people who are buying it are really smart.”

Dimon said that if any JPMorgan traders were trading the crypto-currency, “I would fire them in a second,
for two reasons: It is against our rules and they are stupid, and both are dangerous.”

Commenting on his daughter - “It went up and she thinks she’s a genius now,”

“It is worse than tulips bulbs,”

2017 – October 13th

“If you’re stupid enough to buy it, you’ll pay the price for it one day,”

“Who cares about bitcoin? The world economy is so big,”

2018 – January  

“‘I regret’ calling bitcoin a fraud”

2020 – November 

“bitcoin is just not my cup of tea.”

“some ‘very smart people’ are investing in bitcoin these days”

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[fiulpro]

Haha this literally made me laugh how you took his tweets and compiled them like that , it sure would be nice if he sees this post. Who knows if he is already on the forum too. Lol

See the thing is he is not alone , there have been n number of cases where people said the same things and ended up regretting the fact that they didn't buy bitcoins. My parents were the same and I had to sell all of my savings in btc back in the 2017 when the price was extremely low and my father holds more regret regarding that as compared to me 😂.

It was a new thing , we cannot really expect people to be okay with it since the day one.

How many scholars were burned by the church long before they accepted that yes indeed the earth revolves around the sun.

It took years for people to get aquatinted with the mobile banking and still some of them don't even use it.

I think in the upcoming years we will see a much bigger rally for bitcoins. There will be a lot more people who would want to get involved with them and therefore I do believe that even though the guy says " It's not his cup of tea" he really might be holding some BTC with him.

[avikz]

Jemie is slowly learning that it is beyond his capability to control the bitcoin market no matter how big his bank is and no matter how strong connection he has within the government. So he is giving up in his thoughts of blaming bitcoin. I heard JPM has also filed for a blockchain related patent last year!

So it is great to see that big money peoples are slowly learning their lessons! I am just waiting for the day when Warren Buffet will say something positive about bitcoin! It doesn't really matter anymore on what he thinks about bitcoin, but it would be nice to listen obviously!

[Silberman]

Jemie is slowly learning that it is beyond his capability to control the bitcoin market no matter how big his bank is and no matter how strong connection he has within the government. So he is giving up in his thoughts of blaming bitcoin. I heard JPM has also filed for a blockchain related patent last year!

So it is great to see that big money peoples are slowly learning their lessons! I am just waiting for the day when Warren Buffet will say something positive about bitcoin! It doesn't really matter anymore on what he thinks about bitcoin, but it would be nice to listen obviously!

I think they are finally coming to terms to the fact that bitcoin is going nowhere and that it is impossible that it will disappear on its own and that governments cannot kill it, so they are doing the next best thing which is to join us and try to earn money out of it, we knew this was coming, all of those people that talked about bitcoin in the way they did, did so thinking that somehow governments will be able to regulate it but the decentralized nature of bitcoin will never allow governments to perfectly regulate this market no matter what they do.

[aoluain]

Regulation can only be imposed at entry and exit points, bitcoin itself cannot be stopped.

Top financiers over the years thought Bitcoin could be stopped and maybe thought it
would fade away in the early years. We see now what they failed to see at least 1 year ago.

They have to get in because their rivals will be thinking the same.

[magneto]

When there is money, bankers will abandon all prior principles and go with the prevailing sentiment.

This is exactly what happened with BTC and Dimon.

Nothing has fundamentally changed about BTC except for the fact that it is now attracting a lot more adoption and institutional investment. Being the innate opportunist that Dimon is, it is quite obvious why he has completely 180'd with his stance on BTC. He wants a part of the cake, and doesn't want to lose Coinbase and Gemini as clients either.

[zanezane]

When there is money, bankers will abandon all prior principles and go with the prevailing sentiment.

This is exactly what happened with BTC and Dimon.

Nothing has fundamentally changed about BTC except for the fact that it is now attracting a lot more adoption and institutional investment. Being the innate opportunist that Dimon is, it is quite obvious why he has completely 180'd with his stance on BTC. He wants a part of the cake, and doesn't want to lose Coinbase and Gemini as clients either.

That is just one trait that makes bankers the real evil that needs to be exterminated in this God forsaken world. A principle that bends depending on how much profit they can get, bullshit morals that prioritizes their institutions instead of the welfare of the people, a gaslighting advertisement campaign that makes people docile and tamed and many other evil traits, I could go on but I think I will only highlight some. This dude doing a 180 on his opinion is an evidence that institutional investors like him will be the demise of many cryptocurrencies because they will definitely want this untamed power.

[slapper]

It is such great news to the community since a big guy has changed his mind and decide to believe in bitcoin. Many people in my country continue to criticize bitcoin without having any clear reason. They keep saying bitcoin is fake, its virtual so basically it does not have value and everything is made up by crazy men. But they forget (or they are not taught) that value is based on the supply and demand theory where people decide the price of an asset

Instead of doing so, they can invest in bitcoin, right? but they refuse the biggest opportunity of their life to blame and discriminate. Those people will remain loyal to the government and the centralized system until they dead while we are partying with bitcoin and other cryptocurrencies

[davis196]

All the bankers are strictly opportunistic.What else do you expect?
I believe that Jamie Dimon will continue to be a Bitcoin hater and FUDster,but he will be more like the "I hate to say I told you so." guy,when the Bitcoin price crashes,or the governments begin to act hostile towards the crypto industry.
Banks like JPMorgan will tolerate the crypto industry,as long as the governments and central banks are neutral in regards to Bitcoin and the altcoins.

[The Sceptical Chymist]

it sure would be nice if he sees this post. Who knows if he is already on the forum too. Lol

Uh, yeah....not likely. 

People can change their opinions on things over time, especially new things like bitcoin--and it sounds like Dimon's attitude towards bitcoin and/or blockchain tech is evolving.  He's definitely not a stupid man, even though I think he's mostly a scumbag partially responsible for getting the US (and the world) into the banking crisis of 2008/09.  I never doubted that he understood what bitcoin is all about.

Screw JP Morgan and the rest of the big investment banks, by the way.  They're nothing more than greedy parasites dressed up in very expensive suits.

[exstasie]

Speaking of remarks about Bitcoin by notable people.....

Former Canadian PM Stephen Harper just mentioned Bitcoin as a potential future reserve currency, alongside the USD and gold.

In an interview with Cambridge House’s Jay Martin on Sunday, Harper acknowledged that the dollar had been on a downtrend, but said there were few viable international alternatives, even when looking at the euro and the yuan.

“Unless the U.S. becomes a catastrophe, it’s hard to see what the alternative is to the U.S. dollar as the world’s major reserve currency. Other than you know gold, bitcoin, … a whole basket of things, right?” said Harper. “I think you’ll see that the number of things that people use as reserves will expand, but the U.S. dollar will still be the bulk of it.”

https://www.coindesk.com/former-canada-prime-minister-stephen-harper-bitcoin-reserve-currency

[aoluain]

it sure would be nice if he sees this post. Who knows if he is already on the forum too. Lol

Uh, yeah....not likely. 

People can change their opinions on things over time, especially new things like bitcoin--and it sounds like Dimon's attitude towards bitcoin and/or blockchain tech is evolving.  He's definitely not a stupid man, even though I think he's mostly a scumbag partially responsible for getting the US (and the world) into the banking crisis of 2008/09.  I never doubted that he understood what bitcoin is all about.

Screw JP Morgan and the rest of the big investment banks, by the way.  They're nothing more than greedy parasites dressed up in very expensive suits.

I also believe he had a good understanding of Bitcoin but I his position and others
in similar positions they are obliged to denounce any type of rival to their business
interests. I also believe they were afraid if Bitcoins potential especially as it moved
from "Geek" money into something more serious and unstoppable.

Speaking of remarks about Bitcoin by notable people.....

Former Canadian PM Stephen Harper just mentioned Bitcoin as a potential future reserve currency, alongside the USD and gold.

In an interview with Cambridge House’s Jay Martin on Sunday, Harper acknowledged that the dollar had been on a downtrend, but said there were few viable international alternatives, even when looking at the euro and the yuan.

“Unless the U.S. becomes a catastrophe, it’s hard to see what the alternative is to the U.S. dollar as the world’s major reserve currency. Other than you know gold, bitcoin, … a whole basket of things, right?” said Harper. “I think you’ll see that the number of things that people use as reserves will expand, but the U.S. dollar will still be the bulk of it.”

https://www.coindesk.com/former-canada-prime-minister-stephen-harper-bitcoin-reserve-currency

Yes I saw that yesterday, very interesting comment made by Stephen,
If he has said this he is definitely not alone in that viewpoint, Im sure
there is talk behind the scenes in political and finance circles worldwide
with the same thinking.

[yhiaali3]

Jamie Dimon is not the only one who retracts his words, in fact there are many famous personalities who have given bad statements against Bitcoin and then come back and retract their statements because they finally realized the truth.
Yes, Bitcoin imposing a de facto reality and it has become a reality that no one can ignore, and the future is near when Bitcoin will become the most widely used and widely used currency in the world.

[aoluain]

Jamie Dimon is not the only one who retracts his words, in fact there are many famous personalities who have given bad statements against Bitcoin and then come back and retract their statements because they finally realized the truth.
Yes, Bitcoin imposing a de facto reality and it has become a reality that no one can ignore, and the future is near when Bitcoin will become the most widely used and widely used currency in the world.

Correct, probably the biggest Bitcoin Bull at the moment gaining a lot
of airspace is Michael Saylor! He says himself he was a Bitcoin skeptic
[I posted his latest Vid on a seperate thread]

Some of the smarter high level investors have changed their outlook
towards Bitcoin but as we see over the last few days from Christine Lagarde
and Janet Yellen their comments are selective at best.

[Silberman]

Regulation can only be imposed at entry and exit points, bitcoin itself cannot be stopped.

Top financiers over the years thought Bitcoin could be stopped and maybe thought it
would fade away in the early years. We see now what they failed to see at least 1 year ago.

They have to get in because their rivals will be thinking the same.

Top financers are for the most part not innovators, they are at the top and as most people at the top they want everything to remain the same so they can remain where they are, this is why they could not see the potential of bitcoin, they thought it was just the dream of a frustrated programmer and that somehow if they just ignore it it will go away, once they find out that was not going to happen they actually tried to go on the offensive and when that failed as well they had no option but to recognize that bitcoin is here to stay.