170929 Jamie Dimon Yells “FAKE!”

When Jamie Dimon said Bitcoin was a FAKE, the market paused and many took notice. In fact, the fall in the price of Bitcoin for the next two weeks could be directly attributed to his comments.  But, think about it.  What else could he say?  Just eighteen months earlier he was quoted at a meeting of bankers as saying “Bitcoin will eat your lunch.”  He is not naive regarding Bitcoin’s potential.  As the de facto chairman of the banking industry, today he must defend the realm.  Of course, he is going to call Bitcoin a fraud.

Do you believe the CEO of Exxon Mobil when he says there’s no such thing as global warming?

No, but we watch our coastal cities sink beneath the waves, while these thieves pursue the all-mighty dollar.

Our global commerce is hourglass shaped and banks are at the neck of the funnel taking their toll on everything that passes through.  We are moving to a cashless society and MasterCard and Visa are positioned to take their fees on every single financial transaction everywhere, all the time.  The transfer of funds, bearer instruments, the international exchange rates, the currency exchange, loans, certificates of deposit, savings accounts, stocks and bonds, all must pay the banks a fee simply for being.  Of course, Jamie Dimon warns Bitcoin is to be feared. He knows Bitcoin will eat his lunch.