Jamie Dimon, speaking at a Barclay’s conference, called Bitcoin and other digital currencies a fraud.
“Bitcoin will eventually blow up. It’s a fraud. It’s worse than tulip bulbs and won’t end well.”
That is funny. The advocates of blockchain currencies and assets feel the same way about the fractional reserve banking system.
Deposits are made to J.P. Morgan and other legacy banks. The bank keeps a sliver of it available to the depositor and loans out the rest.
This is the fraud and Ponzi scheme that Bitcoin is trying to fix.
Bitcoin and most other digital currencies have a fixed amount of supply. There is no dilution of stored value through manipulated interest rates and central bank inflation.
In February of 2016, Jamie Dimon called the bottom in the US stock market.
The uninformed may think this is Bitcoin’s Dimon Top.
All fiat currencies are dying. The global debt system is the largest bubble in the history of civilization.
Don’t get too upset with Dimon.
The captain is going down with his ship!
My ETH address:
0x164F1f6BE41C75F527fb36528524f2e295D2FBAB
Thanks
