Jamie Dimon CEO of Chase Bank on Banking Crisis

[panganib999]

Wow would you look at that, Robert Kiyosaki, the guy that people laugh at on Twitter for urging people to buy Silver and Gold since he's foreseeing the economic collapse brought about by Biden's senile brain is somehow right???

Lmao but for real though, This economic Mexican Standoff we have with ourselves right now is a ticking time bomb about to go off at any minute. A little economic issue could easily cascade to this economic collapse and bring about huge problems for the world for years to come, and the saddest thing about it is that there's really no viable way to reverse it, what we're doing right now is basically nailing planks on the door till the killer comes in and slaughters the residents of the house. Us cryptocurrency guys will be good since we're not really pegged to the outside market but when I think about the death and starvation that this crisis will bring about globally, it just shakes me.

[TimeTeller]

Banks getting in trouble or we getting into doomed economy does not mean bitcoin is going to take over the world. This is completely insane thought which every crypto investor is carrying with them over the time. It does not work that way. In fact our traditional economy does not work that way. We had economic crisis many times and it doesn’t mean we accepted copper or oil or gold during that period. We became powerful again by doing proper salvation of things that helped grow it back. In similar ways, bitcoin is just bitcoin and it will remain as it is for years to come.

That is true, it doesn't mean bitcoin will dominate over fiat.
But the adoption may grow. Much better if you will also invest in tangible assets like real-estate or precious metals.
Like gold, if you can't afford to buy blocks of gold, why not start buying some gold jewelries, small or big ones?
You don't need to go big if you don't have the funds, you can get some assets little by little.
Just don't go all in in one asset. Should always diversify as much as possible.

[The Cryptovator]

As we are aware of the current global inflation, it's highly likely that banks are experiencing financial difficulties, resulting in a decrease in money circulation within the economy. This situation doesn't bode well, and it's not great news for Bitcoin either. As we've seen in the past, when Silicon Valley went bankrupt, it had a negative impact on Bitcoin. This could be due to the fact that Bitcoin is a relatively new asset class, and its value is often tied to market sentiment and investor confidence. Therefore, any negative news about the economy or financial institutions can have a ripple effect on Bitcoin as well.

[pooya87]

Things do not look good for the dollar and dollar dependent economies which obviously start from US itself. All the US markets are in crisis mode even if some of them don't show it yet. Apart from dedollarisation the banking system in US is facing crisis partly because of the interest rates that FED has increased and has kept up this long. The defaults are growing and with it banks will eventually go down.

It doesn't stop there either, the stock market and the real estate markets are also in crisis mode in US. Morgan Stanley recently issued a warning about an upcoming 40% crash commercial property prices and a situation worse than the 2008 financial crisis.

[tiCeR]

Things do not look good for the dollar and dollar dependent economies which obviously start from US itself. All the US markets are in crisis mode even if some of them don't show it yet. Apart from dedollarisation the banking system in US is facing crisis partly because of the interest rates that FED has increased and has kept up this long. The defaults are growing and with it banks will eventually go down.

It doesn't stop there either, the stock market and the real estate markets are also in crisis mode in US. Morgan Stanley recently issued a warning about an upcoming 40% crash commercial property prices and a situation worse than the 2008 financial crisis.

But a crash in the US would also entail a crash worldwide, wouldn't it? Taking into account how interconnected the world is these days and how much foreign investment there is, I think that markets around the world would be significantly affected by a US crisis. I am not sure but I think the reason alone that the US is the strongest economy in the world implies significant spill over effects almost automatically.

And when it comes to banks they often have so many lending operations going on that if one bank out of a sudden collapses or drifts into a liquidity crisis and can't repay interbank loans, the whole thing would get going in the banking sector and then spill over with some delay to the rest of the economy.

That the situation could become worse than 2008 makes a lot of sense as the money supply hasn't even been as balloon-like as it is today. Even if wealth will get destroyed and that could mean that people have less to escape with into Bitcoin, I still think that another crisis would more or less force people to look for alternatives. Gold could also benefit from it.

[SquirrelJulietGarden]

But a crash in the US would also entail a crash worldwide, wouldn't it? Taking into account how interconnected the world is these days and how much foreign investment there is, I think that markets around the world would be significantly affected by a US crisis. I am not sure but I think the reason alone that the US is the strongest economy in the world implies significant spill over effects almost automatically.

The USA. has a biggest economy globally and the rest of world look at the USA. for any change in their policies from economy to politics and other things. They want to comply with or at least adjust their strategies and policies to adapt to changes from the USA.

Because it is a biggest economy, if it collapses or has a recession, it will have big impacts globally. How big it is, I don't know but very sure that it won't be small impact locally only.

And when it comes to banks they often have so many lending operations going on that if one bank out of a sudden collapses or drifts into a liquidity crisis and can't repay interbank loans, the whole thing would get going in the banking sector and then spill over with some delay to the rest of the economy.

Is it coincidence when the bank crisis started in the USA. with some banks there then it shifted towards the Europe weeks later?

I don't see it is coincidence but impacts from the USA. power and its strong connection with economies in many nations and continents globally.

[DaveF]

The problem was (and still is) for some banks the rapid rise in interest rates.
They are holding bonds and such that are paying very little. So they are actually worth less then they paid.
The bonds are guaranteed to be paid, so that it not a worry but when you have a billion dollars of them generating 1% you can't sell them for a billion since you can go anywhere now and get 4x+ on that same money so they had to sell a lot of them at a loss to generate cashflow.

The dollar is actually stronger then it was this time last year since a lot of larger institutions now have more confidence that the government can and will step in and bail out these fuck ups.

It really comes down to too many rapid changes.

If you are worried about the banks then you really are not paying attention to what is going on out there, wait a few more months and watch mortgage crisis 2.0 happen.

Finally people who should never have bought homes, and who never have should been bailed out the 1st time get kicked out on their asses and learn that yes you are too stupid to buy a house and should have been renting.

-Dave

[Lucius]

Why do we have to mind about opinion of Jamie Dimon. He belongs to bank system and talked many shits about Bitcoin.

Some members of the forum obviously have a great need to "feed" on what so-called "influential people" say, and the OP is just one of them. JPM's chatterbox has already proven himself countless times as someone who says one thing today and makes a complete U-turn tomorrow, so even though he may be right about the banks and the crisis, he hasn't said anything that isn't already known.

[majeed]

Yesterday Jamie released a 43 page report to shareholders on current events. One of his key talking points was that the banking crisis is not yet over, and that there will be serious repercussions on the markets for years and years to come. This is of course great news for BTC but not so great for the global economy. He basically stated that we're just getting started with the banking crisis here guys, so buckle your seat belts!!!
...

Thanks for the heads up on this news, my dude! It's always good to stay in the loop on what's going on. Jamie's report seems to have caused quite a commotion in the market. The impact of the banking crisis on the economy is worrisome, and we can only hope for the best. On the bright side, the silver and gold market is looking pretty promising, and BTC's steady at 28k, so that's a good sign.

Given the current situation, it might be a solid move to diversify our investment portfolio, ya know what I'm saying? Setting aside some cash for gold, silver, and BTC could potentially help us cover our bases against any financial uncertainty that may come our way.

Having said that, it's important to keep in mind that nobody can really tell the future for sure. So, let's not freak out and make any rash decisions based on fear, we gotta stay chill and focus on our long-term goals and investment plans. Hey, who knows, maybe this crisis could actually lead us to build a better and more fair financial system in the future!