07 May Jamie Dimon A.K.A. Jamie Demon “The Fraud” vs. Bitcoin
Over the past few years, Jamie Dimon (CEO of JP Morgan Chase) has been the most outspoken critic of Bitcoin. Jamie Dimon, also known as “Jamie Demon”, the fraud himself, has gone on record numerous times over the years expressing his distaste for Bitcoin.
Recap of Jamie Dimon’s most infamous Anti-Bitcoin statements:
- Jan 2014: “Bitcoin is a terrible store of value”
- Nov 2015: “Bitcoin will not survive”
- Jan 2016: “Bitcoin is going nowhere”
- Sept 2017: “Bitcoin is a fraud”
- Oct 2017: “Im not going to talk about bitcoin anymore”
- “If you’re stupid enough to buy it, you’ll pay the price one day”
- “The only value of a Bitcoin is what they other guy pays for it”
- “Governments are going to crush it [Bitcoin] one day”
When given a chance to elaborate, Jamie has also stated that he believes that blockchain technology is a very good technology and it will be used for a lot of things. However, he made it very clear that he has an issue with any non-fiat based digital currency.
In this same interview from October 2017 on CNBC, Jamie goes on to discuss how governments like to track how money is being spent and also like to control their own currencies.
A lot of what he says is entirely off base in regards to whether or not Bitcoin is legitimate, however it is interesting how he does recognize that one of the main, legitimate use cases for Bitcoin is in the case of failing central banking systems. For example in Venezuela or North Korea.
The truth about Jamie Demon and other bank CEO’s
The incumbent banking system, banks that comprise this system, and their corresponding leaders are not prepared for the coming shift in the financial power structure. It’s already changed, and it will continue to change more rapidly in the coming years.
People world-wide now have the ability to be their own banks, and the growth of cryptocurrencies and their corresponding price appreciation is a direct indication of the failure of fiat currency and the monetary policies of central banks, which are all doomed to soon fail.
The 5-year end-game for the banks
Within 5 years, it’s highly likely that there will be no JP Morgan or Chase bank. The blockchain revolution is coming whether the banks like it or not. The bankers can adapt to participate in the crypto movement and benefit immensely financially, but they will no longer have the power to make decisions that affect the world around us.
Banks will no longer crush us under the burden of debt. Wealth will be redistributed to all who participate in the cryptocurrency movement. There will be no more fractional reserve banking system to create wealth for the few at the expense of the many.
The financial “rent-seekers” are nearly out of time as a wide field of financial lending solutions based on cryptocurrency and blockchain technology are hitting the market.
My message to the banks: Adapt or die.
Hold On for Dear Life