JP Morgan CEO Jamie Dimon just can't win with Bitcoin


Jamie Dimon just can't win with Bitcoin. Whenever he talks about Bitcoin- usually predictions of doom, the virtual currency turns around and throws a virtual spit in his face. Despite predicting doom and downfall for Bitcoin on a consistent basis, the crypto-coin keeps going up and up.

Jamie Dimon is the CEO of JP Morgan, an American multinational banking and financial services holding firm. Jamie is a popular Wall Street heavyweight hence his opinion holds weight when it comes to the world of finance. 

Bitcoin and virtual currencies compete directly against what Jamie stands for. So it's no surprise that he has no love for cryptocurrencies and he has been badmouthing it for close to four years.

However, Bitcoin's price and popularity keeps rising, despite his fraud declarations and predictions of doom. 

It started in 2014

Jamie Dimon started talking about Bitcoin in January 2014. Bitcoin had hit a record high of $1,000 some days back and had dropped to $828. At that time, he said Bitcoin was a terrible store of value, sending shockwaves down the crypto verse. 

The market, sort of, reacted. 

Bitcoin dropped in value, crashing more than 50%. It didn't gain much for almost two years (late 2015) until guess what? Jamie talked about Bitcoin again. 

Bitcoin was $393 then. This time around, he talked Bitcoin down. Jamie said Bitcoin will not survive, and echoed these sentiments in January 2016, when Bitcoin was $410. He said "Bitcoin is going nowhere," generating hot arguments all over the place.  

However, from this point onwards Bitcoin started to appreciate- gradually at first and then in leaps later on. In a year, Bitcoin hit a new all-time high, exchanging for $1,270. This happened in March 2017. 

"Bitcoin is a fraud"

Three months later (June), Bitcoin hit $3,000 and Jamie's friends probably started taunting him. In September 2017, he came out again and declared that "Bitcoin is a fraud."

Bitcoin was losing value at this time after hitting an all-time high of $5,000. It was on its way to a low of around $2,900. Dimon, in his criticism, compared Bitcoin to the tulip bubble and said it would soon burst.

A month after his declaration, Bitcoin bounced back. It regained all it had lost and was trading close to $5,000, it's previous record high.{loadads]

New record high!

On the 12th of September, 2017, Dimon came out to talk about Bitcoin again. This time, he said he won't be talking about Bitcoin again. 

“I wouldn’t put this high in the category of important things in the world, but I’m not going to talk about Bitcoin anymore,” he said. 

24 hours later, Bitcoin hit a new all-time high of $5,800.

Here's an illustration of Jamie Dimon's battle against Bitcoin over the years:


This email address is being protected from spambots. You need JavaScript enabled to view it.