171006 Jamie Dimon: Bitcoin Is Fake

Jamie Dimon, as de facto head of the banking industry, like Big Oil and Big Tobacco before them, hopes to perpetuate his industry’s success by calling Bitcoin a fraud. This is very much like Rex Tillerson, ex-CEO of Exxon-Mobil and now Secretary of State, famously denying climate change in order to perpetuate the myth that there was nothing wrong with the use of fossil fuels.  Or, in 1994, when seven CEO’s of the largest cigarette companies testified before Congress that they personally believed nicotine was not addictive.

Rex Tillerson doesn’t say climate change is a myth anymore.  But for more than twenty years, long after he knew better, he was espousing such lies.  What else could he say and remain head of the largest oil company on earth?  He knew that if climate change existed then responsible adults everywhere would stop using fossil fuels and start using renewables immediately.

Jamie Dimon HAS to call Bitcoin a fraud.  To do otherwise is to give an opening to cryptocurrencies and he dare not do that.   Eighteen months ago Dimon was quoted as saying, “Bitcoin will eat your lunch” to a room full of bankers.   Dimon knew it then and he knows it now.

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.