JP Morgan’s Jamie Dimon is having trouble confirming his views on Bitcoin. From fraud, to ponzi scheme, to regrets on his crypto utterances, the bank CEO remains unclear.
A ponzi scheme and a fraud
CEO of one of the biggest banks in the world, Jamie Dimon has generally been a huge sceptic of Bitcoin and cryptocurrencies over the last few years.
In the past he vociferously poured scorn on Bitcoin, saying that it was a ponzi scheme and a fraud, and threatening to fire any of his traders who bought it.
Nevertheless, he must have realised that his remarks were not at all well thought out, and admitted in an interview with Fox Business Network in early 2018 that he “regretted” making the comments. He explained that for him Bitcoin was about what the governments would make of it, saying that he felt that government intervention was likely to hamper its growth.
However, as recently as late September this year, Dimon went back to his previous scathing views on crypto and Bitcoin. He said at a congressional testimony:
“I’m a major sceptic on crypto tokens, which you call currency, like Bitcoin.” He added “They are decentralised Ponzi schemes.”
The reason for Dimon’s views?
It’s really not any wonder that Mr Dimon is having such a hard time deciding what he thinks of Bitcoin and cryptocurrencies. He is the leader of the biggest bank in the U.S. and as such he really needs to toe the party line set by the likes of central banks and other leading financial organisations.
Saying anything positive about Bitcoin or crypto would immediately send a signal across markets, and this would most likely be detrimental to JP Morgan’s business.
JP Morgan’s epic fraudulent history
For Dimon to keep repeating the claims of fraud also seems a bit rich, considering the rather colourful history that his bank has been involved in, which includes tax fraud, an almost 1 billion dollar fine for illicit manipulation of the metals and Treasurys markets, and a record breaking $13 billion settlement for toxic mortgages among other very serious failings.
Dimon is in a position of simply massive power and influence, and he is using it to try and convince the average Joe and Jane that the crypto sector is a scam and isn’t to be trusted.
He doesn’t mention his bank’s terrible financial history, and he also fails to say anything about how the banks have contributed to a fiat-based monetary system that has completely failed us all.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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