Many skeptics have been silenced by Bitcoin’s remarkable performance. They now realize that there are some merits to investing in this cryptocurrency, at least for the past few years. Jamie Dimon (CEO of JPMorgan Chase) is NOT included in this group.
This well-known businessman reiterated his opinions on Bitcoin. He stated that the cryptocurrency does not have any intrinsic value and that he doesn’t recommend it for serious investments.
JPMorgan’s CEO Hates Bitcoin, but Loves his Pro-Bitcoin Clients
Dimon admitted that his opinion may not be the most popular today.
“I believe that bitcoin is completely worthless. However, our clients are adults and they may disagree. This is what makes markets.
JPMorgan’s CEO knows how to distinguish business from sentiment. He assured his clients that they have no problems with him offering investment options for their Bitcoin-hungry clients, given their high interest to invest in cryptocurrencies.
“If they wish to access bitcoin to purchase themselves, we cannot custody it. However, we could grant them legal, as clean and as transparent access.”
This tiny opening already represents a major shift in Jamie Dimon’s attitude. The JPMorgan Chase CEO stated that he did not want his employees trading Bitcoin in 2017. He claimed that BTC was worse than tulip bulbs and that it was a fraud.
“I would fire them in a split second. Two reasons: It’s against the rules and they’re stupid. Both are dangerous.”
The Community Reacts
Naturally, the crypto community was quick in reacting. As is the norm when a skeptic offers an opinion, the majority of Bitcoiners are fervent in their belief that BTC’s appreciation has outlasted all pessimistic predictions.
Ryan Selkis tweets about the comparison of BTC’s performance to Jamie Dimon’s statements. Image via Twitter
A compilation by 99 Bitcoins shows that at least 431 high level predictions have been made, which is enough to conclude that Bitcoin is doomed. The earliest prediction was posted on December 15, 2010 and the latest on September 28, 2021. Bitcoin is just a few dollars away from a new ATH. This proves that the Bitcoin pessimists are wrong (at least for the moment).
Michael Saylor, CEO at MicroStrategy (a software company that has a large BTC investment), was another one to rant on Twitter. Saylor stated that Dimon and other bankers are frustrated by the rise of Bitcoin because they don’t understand how it works.
The critical question faced by bankers and investors worldwide is “Do you understand #Bitcoin?” https://t.co/FdQcqXoZ02
— Michael Saylor
(@michael_saylor) October 11, 2021
Plan B, a Twitter user, shared a meme about Dimon’s bearish words that circulate before a bullrun.
Bitcoin is steady at $57.000. It is still alive.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.