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.