Shots were fired at Bitcoin yesterday by JP Morgan Chase’s CEO, Jamie Dimon. During his interview with CNBC, the interviewer asked Dimon his thoughts on Bitcoin, and he responded by saying that Bitcoin “is a fraud that will eventually blow up.”
His reason for this stance is based off the fact that cryptocurrency has no government; therefore, “it’s worse than tulip bulbs…someone is going to get killed”.
Supporters of Cryptocurrencies obviously find Dimon’s remarks imbecilic. But make no mistake, his criticism brought BTC down 2%!
It isn’t shocking to see cryptocurrencies drop when bad news is presented. But what is shocking, is when the opposers of Cryptocurrencies are simply profiting off their egregious remarks.
After much research, here’s how we think Jamie Dimon actually fully supports BTC, and profited immensely from his attack:
- While he ruthlessly attacks Bitcoin, he lightly mentioned that “If you are in Venezuela or North Korea, you better USE Bitcoin…”
- JPMorgan once experimented with Blockchains to cut trading cost.
- His daughter profited 300% from Bitcoin and thinks she’s a genius. His quote: “I’m not saying ‘go short bitcoin and sell $100,000 of bitcoin before it goes down,” This is not advice of what to do. My daughter bought bitcoin, it went up and now she thinks she’s a genius.”
- Timing – With news of China planning to ban cryptocurrencies all together, it’s way too suspiciously obviously that Dimon’s negative comments had Bitcoin drop to $4000.
The sad reality of Bitcoin right now is that it can easily be manipulated via fake news, scandals, media spins, and influencers. But to your fortune, consider fear and skepticism as an driver for you to a buyer’s market.