Jamie Dimon, CEO of JP Morgan Chase has dug his own career grave in my opinion. His latest statements seen on Bloomberg and Marketwatch lead me to this obvious conclusion.
I would like to highlight the following notable statements from an investor conference in New York, saving the worst, which led me to write this blog post, for last.
- Statement 1:
"Bitcoin will eventually blow up. It’s a fraud. It’s worse than tulip bulbs and won’t end well"
Alright, so fair enough, it may turn out to be a bubble, though I highly doubt it. Blockchain and its associated currencies, including BTC, have already shown that they provide massive advantages over current technologies and payment methods. We are still at the dawn of cryptocurrency and we are looking at a technology as far reaching as internet was over 20 years ago. But this isn't what strikes me the most about this statement, as we have heard many say it before, and many have looked silly after.
No he states "Botcoin is a fraud."
Seriously, why call it a fraud? To be sure a fraud is "a person or thing intended to deceive others, typically by unjustifiably claiming or being credited with accomplishments or qualities." Surely this is not the case. No one is being deceived here, it is very clear what BTC is, what the advantages and disadvantages are and what the risks are to invest in it. Just search the internet and one can easily find everything there is to know about BTC. There is no deceit here, Jamie, just ignorance from a CEO who should know better then to make unsubstantiated claims.
Statement 2 (you will love this one):
"If a JPMorgan trader began trading in bitcoin, I’d fire them in a second. For two reasons: It’s against our rules, and they’re stupid. And both are dangerous."
This statement baffles me for a number of reasons.
- Investing and trading in BTC has provided massive returns to the people involved. Why ignore a market that obviously has this much potential? Volatility is a traders friend and cryptocurrencies have a far higher volatility than anything else in the financial markets.
- A trader should be able to trade any product of value that has the liquidity to close out the position in a short period of time. BTC trading fulfills this criterion. Hell, even if polluted air would be traded and the market is liquid enough to take and close positions instantly, i wouldn't mind a trader to do what he does best. Make money by taking a position or providing liquidity. Typically a trader would use a stop loss for his positions any way, the maximum one can lose can be defined upfront.
- Finally the statement is just disrespectful to all people who have invested in cryptocurrency. He calls everyone of those stupid. Have you invested in Steem? Have you got any position in any crypto? Then you're one of them too! Or rather, one of us...
In one sentence Jamie lost all my confidence in him as CEO. Not in the least as they are creating there very own cryptocurrency. In my view that is called a hypocrite. Best to check that one in the dictionary Jamie!
References:
https://www.bloomberg.com/news/articles/2017-09-12/jpmorgan-s-ceo-says-he-d-fire-traders-who-bet-on-fraud-bitcoin?cmpid=socialflow-twitter-business&utm_content=business&utm_campaign=socialflow-organic&utm_source=twitter&utm_medium=social
http://www.marketwatch.com/story/dimon-calls-bitcoin-a-fraud-and-may-have-delivered-the-biggest-blow-to-the-digital-currency-2017-09-12
https://en.oxforddictionaries.com/definition/fraud
Images:
https://www.thestreet.com/story/14302710/1/dimon-bitcoin-losingbet.html