{"id":48373,"date":"2017-09-13T13:00:04","date_gmt":"2017-09-13T12:00:04","guid":{"rendered":"https:\/\/wncen.com\/?p=48373"},"modified":"2020-10-07T11:28:22","modified_gmt":"2020-10-07T11:28:22","slug":"jpmc-jamie-dimon-bitcoin-fraud","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/jpmc-jamie-dimon-bitcoin-fraud\/","title":{"rendered":"JPMorgan’s Jamie Dimon Slams Bitcoin As “Fraud”"},"content":{"rendered":"
Speaking at an investor conference in New York on Tuesday, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon blasted Bitcoin in a series on damning statements. Calling the cryptocurrency a \u201cfraud\u201d<\/em> that\u2019s \u201cworse than tulip bulbs\u201d<\/em>, he went on to say he\u2019d fire any employee trading Bitcoin \u201cin a second\u201d. He gave the following concise reasons: \u201cIt\u2019s against our rules\u201d<\/em> and \u201cthey\u2019re stupid\u201d<\/em>. He concluded that both cases were \u201cdangerous\u201d<\/em> to his bottom line.<\/p>\n When Dimon refers to tulips, he means the market crash that affected the horticulturists of Holland in the seventeenth century. Speculators drove the prices of tulip bulbs to astronomic levels, some scholars claim as much as ten times an annual skilled worker\u2019s salary for a single bulb. The “bubble”<\/em> eventually burst, largely due to the hugely dubious nature of trades occurring on the ramshackle effort at a futures market that had sprung up around the industry. The spectacular crash in the price of tulip bulbs in 1637 that followed is\u00a0often cited as the history\u2019s first economic bubble. It’s also trotted out by just about every vocal anti-crypto-type going.<\/p>\n However, Dimon had more for Bitcoin than just vague language (“fraud”?), and talk of inflated tulip bulbs. He went on to highlight his doubts about future regulatory measures against cryptocurrency. He spoke of concerns regarding the lack of state control over the asset and warns of government intervention. \u201cSomeone\u2019s going to get killed and then the government\u2019s going to come down.\u201d<\/em> He has cited the recent clampdown in China as evidence to back up his claims, concluding \u201cgovernments like to control their money supply.\u201d<\/em><\/p>\n Expressing sentiments that seem straight from 2015, the chief executive dismissed the huge legitimate economy that has emerged around Bitcoin since its early shadowy past:<\/p>\n \u201cIf you were a drug dealer, a murderer, stuff like that, you are better off doing it in Bitcoin than U.S dollars. So, there may be a market for that, but it\u2019d be a limited market.”<\/p><\/blockquote>\n Such a stance might come as a surprise to those familiar with the Enterprise Ethereum Alliance. The JPMorgan logo has been proudly displayed amongst the rest of the \u201cwho\u2019s who\u201d<\/em> of global corporations making up the much-lauded group. However, Dimon did comment on blockchain technology more generally too. He confirmed that there will still be great use cases for the protocol, particularly in the banking sector but it \u201cwon\u2019t be overnight\u201d<\/em>.<\/p>\n All that said, Dimon, did finish by saying that his \u201cdaughter\u201d had purchased some Bitcoin…<\/p>\n Speaking at an investor conference in New York on Tuesday, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon blasted Bitcoin in a series on damning statements. Calling the cryptocurrency a \u201cfraud\u201d that\u2019s \u201cworse than tulip bulbs\u201d, he went on to say he\u2019d fire any employee trading Bitcoin \u201cin a second\u201d. He gave the following concise reasons: \u201cIt\u2019s against our rules\u201d and \u201cthey\u2019re stupid\u201d. He concluded that both cases were \u201cdangerous\u201d to his bottom line. When Dimon refers to tulips, he means the market crash that affected the horticulturists of Holland in the seventeenth century. Speculators drove the prices of tulip bulbs to astronomic levels, some scholars claim as much as ten times an annual skilled worker\u2019s salary for a single bulb. The “bubble” eventually burst, largely due to the hugely dubious nature of trades occurring on the ramshackle effort at a futures market that had sprung up around the industry. The spectacular crash in the price of tulip bulbs in 1637 that followed is\u00a0often cited as the history\u2019s first economic bubble. It’s also trotted out by just about every vocal anti-crypto-type going. However, Dimon had more for Bitcoin than just vague language (“fraud”?), and talk of inflated tulip bulbs. He went on to highlight his doubts about future regulatory measures against cryptocurrency. He spoke of concerns regarding the lack of state control over the asset and warns of government intervention. \u201cSomeone\u2019s going to get killed and then the government\u2019s going to come down.\u201d He has cited the recent clampdown in China as evidence to back up his claims, concluding \u201cgovernments like to control their money supply.\u201d Expressing sentiments that seem straight from 2015, the chief executive dismissed the huge legitimate economy that has emerged around Bitcoin since its early shadowy past: \u201cIf you were a drug dealer, a murderer, stuff like that, you are better off doing it in Bitcoin than U.S dollars. So, there may be a market for that, but it\u2019d be a limited market.” Such a stance might come as a surprise to those familiar with the Enterprise Ethereum Alliance. The JPMorgan logo has been proudly displayed amongst the rest of the \u201cwho\u2019s who\u201d of global corporations making up the much-lauded group. However, Dimon did comment on blockchain technology more generally too. He confirmed that there will still be great use cases for the protocol, particularly in the banking sector but it \u201cwon\u2019t be overnight\u201d. All that said, Dimon, did finish by saying that his \u201cdaughter\u201d had purchased some Bitcoin… Ref: Business Insider | Bloomberg | Image:\u00a0Alexas_Fotos (License CC0)<\/p>\n","protected":false},"author":382,"featured_media":48417,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,5653,1558,2109,2557,2628,11],"class_list":["post-48373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-cryptocurrency","tag-fraud","tag-jamie-dimon","tag-jpmorgan","tag-news"],"acf":[],"yoast_head":"\nRef:<\/strong> Business Insider<\/a><\/em> | Bloomberg<\/a><\/em> | Image:<\/strong>\u00a0Alexas_Fotos (License CC0)<\/em><\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"