Back in September , JPMorgan Chase CEO Jamie Dimon famously declare Bitcoin a “ fraudulence , ” and the marketplace for the cryptocurrency quicklydippedby eight percent . Then it reclaim — by a lot . On Tuesday , Dimon said that he regrets the comment and he pronounce “ the blockchain is real . ”
Dimon ’s earlier assessment has become a common citation for anyone strain to shit on Bitcoin and cryptocurrency in general . At the time , hetold the audienceat a Barclays banking conference that Bitcoin is a “ fraud ” that “ will blow up . ” He recognize that the price of Bitcoin could go to “ $ 100,000 , ” before it go down , but said , “ It ’s bad than tulip bulbs . It wo n’t end well . Someone is expire to get kill . ” Headdedthat he would fire any monger at JPMorgan that bought or sold Bitcoin .
In September , Bitcoin was trading around $ 4,000 . But that was a million years ago in the Bitcoin worldly concern . It lead on to hit$19,800 in December , Venezuela and Russia are makingtheir owndigital coin , Wall Street dive in withBitcoin futures , Goldman Sachs isplanninga cryptocurrency trading desk , and this is all getting more interesting for Dimon . Well , maybe not more interesting , but he ’s decided not to dismiss it out of bridge player .
The blockchain is genuine . you could have crypto yen and dollars and material like that . ICO ’s you have to reckon at individually . The bitcoin to me was always what the political science are gon na feel about bitcoin as it gets really openhanded , and I just have a unlike opinion than other people . I ’m not concerned that much in the matter at all .
Yes , our current organisation of currency is far better for everyday use than any crypto alternative out there . But our financial manufacture is completely depraved and the people who run it are unscrupulous predators who are rewarded for doing the wrong matter while being regarded as essential oracles .
It was under Dimon ’s ticker that a trader who would come to be known as theLondon Whalemanaged to get the bank into a complex investment strategy that was so stupid , it be the company $ 6.2 billion in a year . The monger , Bruno Iksil , saw his life go down in fire , but hemaintainsthat he was but a pawn in a scheme that was pushed by senior management . Two long time later , Dimon bring forth abig rise .
This type of craziness ( and the wide financial crisis of 2008 ) finally led to theVolcker Rulebeing espouse . Though the rule is mean to spare the skinny like Dimon from themselves , and Dimon ’s own leading is to blame for its existence , the Chase CEO hascalled it“unnecessary . ”
In 2013 , when Elizabeth Warren told Dimon that she cerebrate JPMorgan was break the practice of law , hereportedlytold her , “ So hit me with a fine . We can give it . ” Months later the bank settled the London Whale debacle for$920 million . A couple of months after that it finalize a case with the Justice Department over its bad mortgages for$13 billion . The following year , it agreed to pay$2.6 billionto settle charge that it wilfully attend the other way when facilitating Bernie Madoff ’s multibillion - dollarPonzi scheme .
Yet , Dimon hangs onto his position , because he ’s right , JPMorgan can yield it . His bank keeps making earnings . And inthe aftermathof the enormous amercement levy by the US government , JPMorgan just ignore overall employee compensation and pose off 7,500 people . A duo of class afterward , Dimon received a35 percentpay blow .
And multitude keep listening to this asshole . Dimon is an advisor to Trump in his cause to annul financial regulations that keep us from going through the misery of 2008 all over again . Last year , Trump aver , “ There is nobody in force to tell me about Dodd - Frank than Jamie . ”
So , when Dimon said that Bitcoin is a fraud , he was full of shit . It might be a fraudulence , but do n’t come to that conclusion because of Dimon . His latest pronouncement that blockchain is substantial should be taken as just as meaningless . What ’s real is that our fiscal system is burden to reward jerkoffs who take lucky . Those jerkoffs hoard the money , pass it on to little jerkoffs who get golden or miss a bunch of money but still have enough to keep being jerkoffs . After curve out of the interview with Dimon today , Fox Business emcee Maria Bartiromo said that Dimon told her his daughter bought Bitcoin at $ 11 and now she call up she ’s a genius . Bartiromo confirmed that his daughter is a genius . No , she ’s not , she ’s just another jerkoff , born lucky .
[ Fox Business ]
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