Economy

Jamie Dimon picked a fight with the wrong people

Jamie Dimon picked a fight with the wrong peopleā€

Bitcoin is up another 5.5% this session to a new record $5,696. Tulip bulbs traded for $75,000 or something like that.

After making the headlines for several days in a row by calling Bitcoin a fraud, Jamie Dimon seems to be unsettled by the avalanche of reactions that came afterward, including comments from several Wall Street VIPs.

Dimon went on to say that bitcoin "is a great product, if you are a criminal", referencing the widely held view that cryptographic currencies are used launder money.

"I could care less about bitcoin", Dimon told the audience. Gold bless the blockchain. JPMorgan moves $16 trillion around the world every day, we don't do it in cash, it's done digitally.

The cryptocurrency is also being chased by North Korean hackers due to its suitability for dodging sanctions, as payments are processed in a distributed manner rather than through a central authority. If it can be done digitally with the blockchain, so be it. What I have an issue with is a non-fiat cryptocurrency.so crypto sterling, euro, yen.they are all fine.

"Bitcoin just shows you how much demand for money laundering there is in the world", Fink, the head of the largest asset management firm in the world, said at an Institute of International Finance meeting. You all can do whatever you want and I don't care.

"Who cares about bitcoin?" he was quoted as saying. "The only value of bitcoin is what the other guy will pay for it".

Perhaps we should no longer take JPMorgan's Jamie Dimon seriously when he talks about Bitcoin-because now, after weeks of ripping the cryptocurrency, only to see it rise to new highs, his company is now 'open-minded to regulated use'.



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