Forbes: JPMorgan’s Jamie Dimon Says He Won’t Talk About Bitcoin Anymore—After Tr

[pawel7777]

Here we go. In today's Forbes article, our good friend Jamie Dimon promises to shut up about Bitcoin once and for all. I don't believe he will though.

JPMorgan’s Jamie Dimon Says He Won’t Talk About Bitcoin Anymore—After Trashing It One Last Time

https://www.forbes.com/sites/dereksaul/2024/01/17/jpmorgans-jamie-dimon-says-he-wont-talk-about-bitcoin-anymore-after-trashing-it-one-last-time/?sh=3a4aec0329c1

TOPLINE
Jamie Dimon, the billionaire CEO of the U.S.’ largest bank JPMorgan Chase, offered what he said would be his last-ever takedown of bitcoin Wednesday, maintaining his long-held attitude toward the $830 billion cryptocurrency even after last week’s breakthrough for institutional investment in bitcoin involving JPMorgan.

KEY FACTS
Bitcoin is akin to a “pet rock” because it “does nothing,” Dimon said on CNBC’s “Squawk Box” from the World Economic Forum in Davos, Switzerland.

Dimon explained the only “real use cases” for bitcoin are criminal activities like sex trafficking and money laundering, echoing his prior criticisms of the massive digital asset.

In what Dimon characterized as “the last time” he’d ever talk about bitcoin, he suggested that bitcoin derives the rest of its value from paper trading rather than serving a tangible purpose, but still believes investors have a right to buy bitcoin because it’s a “free country.

Dimon’s still-dismissive attitude toward bitcoin notably comes a week after regulators approved bitcoin exchange-traded funds, the first-ever investment vehicles enabling backers to invest in real-time bitcoin prices via standard security exchanges.

CRUCIAL QUOTE
“I don’t care, just please stop talking about this shit,” the billionaire Dimon responded to CNBC’s question on whether other traditional financial institutions’ issuance of the new ETFs changed his mind on bitcoin at all.

SURPRISING FACT
Despite Dimon’s blasé reaction, JPMorgan is intimately involved with the new bitcoin fund. JPMorgan is one of two authorized participants for BlackRock’s bitcoin ETF, meaning it facilitates capital flows in and out of the fund.

KEY BACKGROUND
Among the sharpest critics of bitcoin for several years, Dimon said in 2017 it won’t “end well” for bitcoin investors and the currency will eventually be worthless. Bitcoin is up about 1,000% over the last six years. Despite bitcoin’s strong return on investment, Dimon has often been proven right about bitcoin’s association with criminal enterprises, as crypto funded terrorist organizations and the founders of the two largest crypto exchanges have been arrested by U.S. authorities for fraud.

BIG NUMBER
About $2 billion. That’s how much new money was sunk into the 11 approved spot bitcoin ETFs during the funds’ first three days of trading.

[Faisal2202]

I don't think he don't care about BTC as per the critical fact he facilitates the flow of BTC ETFs for BlackRock company which almost indicates he did care about BTC. Or maybe he is the next Gary Gensler who doesn't like this ETF approval event but was unable to stop happening it and now he (Gary) is also talking the same as Jamie or maybe Jamie is talking the same as Gary. There must be some connection (haha).

I don't know why both have the same ideology about BTC that it is used for illicit activities while that's not the only purpose of BTC which is also money, so money can be used for any bad purpose or good purpose, it all depends on the actor using it, not on the current in use. Fiat has been in use for illicit activities for a longer period like from its inception.

[pawel7777]

I was always of the impression that Gensler, unlike Dimon, was somewhat positive about Bitcoin, maybe not from the start but later on. He had a bit of a harsher stance on other altcoins, especially the ones launched via ICOs, which caused (and is still causing) SAC a hard time figuring out what should be classed as a security and what shouldn't.
Then again, what Gensler says and what he does could be completely different things. I don't trust that man one bit.

[hugeblack]

The words of these economists will change as their interests change, so it is not very important, especially since he is not a theoretical thinker or forecaster or has followers like Warren Buffett. Therefore, all their talk is not an attempt to make the price cheaper and thus convince their clients not to invest in high-risk investments and go for better alternative investments.

[pawel7777]

The words of these economists will change as their interests change, so it is not very important, especially since he is not a theoretical thinker or forecaster or has followers like Warren Buffett. Therefore, all their talk is not an attempt to make the price cheaper and thus convince their clients not to invest in high-risk investments and go for better alternative investments.

In Dimon's case, I think his major problem is being too proud to admit he could've been wrong on something. He made some strong anti-bitcoin statements when Bitcoin was in its infancy. If my memory serves me well, he said something to the tune of he'd fire anyone involved with Bitcoin from JP Morgan. Fast forward, JP Morgan itself is one of authorised participants for BlackRock’s bitcoin ETF.
His promise to stop talking about Bitcoin is just a way to save his face.

[Don Pedro Dinero]

Well, let him stop talking about bitcoin, I have long since stopped paying any attention to anything he might say about it. Let him talk or stop talking, whatever. Would anyone be surprised if he starts talking about it again in a while? As if such a promise is worth anything. Commenting on what he might say for entertainment is fine but if you know anything about bitcoin you're not going to pay any attention to him.

[pawel7777]

Would anyone be surprised if he starts talking about it again in a while?

Not at all. I'd probably be willing to make a reasonable bet on Dimon not sticking up to his word and making a public comment about Bitcoin within a year. Especially if we have the anticipated bull run later this year. If so, it's almost certain that someone would ask for his opinion and he will comment.

[hugeblack]

In Dimon's case, I think his major problem is being too proud to admit he could've been wrong on something. He made some strong anti-bitcoin statements when Bitcoin was in its infancy. If my memory serves me well, he said something to the tune of he'd fire anyone involved with Bitcoin from JP Morgan. Fast forward, JP Morgan itself is one of authorised participants for BlackRock’s bitcoin ETF.
His promise to stop talking about Bitcoin is just a way to save his face.

I tend to agree with this proposal, but I think that as an economist you should leave the door open in case future changes occur. Therefore, instead of making statements such as I will not accept Bitcoin at all, it is better to say that Bitcoin in its current form is a fraud or supports money laundering so that in the future you have the opportunity to retract it. I will tell you without having to save face.

[Aanuoluwatofunmi]

It's time we have to stop believing in people in everything they have to say, some are just lies and they would have said them before realizing they couldn't make it up for what had already been said, we shouldn't take everyone's word for serious, they are just like every other humanbeing, we can make mistakes and amend them but not when we are bragging about what is not just to entice the public for any reason.

[LogitechMouse]

He has been an anti-Bitcoin ever since.
I still remember back in 2017 when I was starting to learn about Bitcoin. I remember him calling Bitcoin a "fraud". Well, nobody cares at that moment because at that year as well, Bitcoin's price went up to as high as ~$20,000 before it went down pretty hard the next year of course.

He can just talk about Bitcoin anytime he wants and nobody will be listening to him. He probably is saying that because he knew that there's nothing that he can do to stop Bitcoin at all. He's been negative towards Bitcoin ever since, and still today, and nobody cares about his sentiment. Whatever he says, investors will just invest their money into Bitcoin because they believe that they can get profit on it.

Him, and many more anti-Bitcoin can say anything about Bitcoin. They can criticize Bitcoin, and say negative things towards it. They can try to manipulate investors by saying negative things towards Bitcoin. Nobody cares about their opinion.