Updated: Sep 1, 2018
For the second time in about ten days, JPMorgan CEO Jamie Dimon came out swinging in an open assault on cryptocurrencies calling them a "novelty" and said they are "worth nothing." He also said "People think they're kind of neat. But the bigger they get, the more governments are going to close them down,"
He went on to say "With central banks, (the money) says legal tender: you have to take this as payment. It's very cheap to do, it's very easy to move back and forth. JPMorgan moves $6 trillion around the world every day very efficiently, very quietly, very effectively and very cost efficient,"
He makes it sound so perfect, doesn't he? But the problem is that he is part of an archaic system that wouldn't know efficiency, effectiveness or cost efficiency if it smacked them in the face.
Another thing he said was "Creating money out of thin air without government backing is very different from money with government backing.", Ya think! that's the point! He does not seem to have a clue about what the purpose of a decentralized currency is.
But I don't buy that he is as stupid as his comments make him seem. I believe he knows exactly what he is doing, he is speaking to the average person who knows nothing about cryptocurrencies. All they know is fiat currencies and a banking system that has been around for hundreds of years. He knows that he can say almost anything, true or not and because of his position and power the average person will believe it.
Mr. Dimon knows how much he has to lose if cryptocurrencies see mass adoption. He will do everything in his power to prevent that from happening, even if that means spreading untruths. I would expect nothing less from him, after all, we are talking about billions of dollars of revenue that could evaporate.
IMO the big banks will not go down without a fight, they will paint anyone who invests in cryptocurrencies as criminals. They will use their vast power to push the government to take action. The last thing those in power (politicians & the big bankers) want is for the people to have total control of their own money and not just the illusion of control as it is now. But in the end, at best they can only slow down the inevitable because Bitcoin is not the currency of criminals, Bitcoin is the currency of the people!
Until next time,