The CEO of JPMorgan Chase, probably one of the largest financial institutions in the world, Jamie Dimon, genuinely despises bitcoin. In fact, he and I just had a lengthy discussion about how little he likes it.
Who is BTC’s biggest critic, Jamie Dimon?
In a recent interview, he described bitcoin as a major “waste of time,” and he said that no one should ever speak or even consider the commodity or its purported potential.
I feel like all of that was a waste of time, and I have no idea why you people even bother to think about it. Pet Rock, that is. It makes no difference. We should move on from the topic of bitcoin as I don’t care about it.
It is evident that Dimon has Bitcoin Derangement Syndrome (BDS) (we just made this up). At the time of publication, many individuals appeared to be struggling with it, and in some ways, we can hardly blame them. A lot of people have been left down by bitcoin in the last 12 months, despite the fact that it is still a reliable asset in and of itself.
The currency started a negative phase after hitting a new record high of $68,000 per unit in November 2021, which lasted deep into the closing weeks of 2022. As a result, for more than a year, traders and investors have been witnessing levels of volatility and speculation unheard of.
The top-ranked digital currency in the world by market cap plunged more than 70% within a year after achieving that peak and, by the time 2023 rolled around, was trading in the mid-$16K level. The whole market value of the cryptocurrency industry is thought to have dropped by up to $2 trillion. Whatever perspective you choose, 2022 was a huge smack in the face.
Dimon was also eager to weigh in on the FTX scandal, and he claims he wasn’t shocked when the online trading platform collapsed in a tangle of fraud and insolvency.
I’m not at that surprised. Have you guys seen this? It’s absurd, given the study, all of these factors, and the lack of disclosures. Regulators ought to have stopped this long ago.
He is interested in blockchain.
While Dimon doesn’t appear to be a fan of bitcoin (BTC), he was quick to laud blockchain and mention that JPMorgan has even utilized the technology in the past.