Jamie Dimon – CEO of banking/financial company JPMorgan – has criticised Bitcoin, suggesting that “The currency isn’t going to work” and that it will “Blow Up”. The billionaire also said that if he found JPMorgan traders were trading the currency, “I would fire them in a second”. “It is against our rules and they are stupid”.
These words did seem to have a slight affect on the bitcoin price, as it has been trading down around 5% since yesterday, although it will inevitably lead to it becoming stronger than ever. Banks have never been a fan of Bitcoin specifically, as it wipes out the need for them. No-one needs a place to store currency. No-one wants the banks controlling the rate and worth of their currency. Dimon knows that he has a large media influence, but if these are his attempts to keep people in the traditional banking sector, all he has done is given Bitcoin more headline space.
JPMorgan have invested millions of dollars into Blockchain technology over the last few years building their ‘Quorum’ blockchain, built on the Ethereum network.
Twitter was quick to point out some of JP Morgan’s hypocritical stances:
My memory is failing, was it Bitcoin or was it JP Morgan that was bailed out by the government? https://t.co/DHqFzr5UJN
— Erik Voorhees (@ErikVoorhees) September 12, 2017
— Bart Stephens (@pbartstephens) September 12, 2017
— cryptograffiti (@cryptograffiti) September 12, 2017
Is Jamie Dimon right? Maybe… but the ever growing resilience of the Bitcoin network is proving otherwise. Sure, every major event causes a drop in value, but the cryptocurrency community has always bounced back and reached further heights as a result!