Topic: CNBC: Why JPMorgan CEO Jamie Dimon is wrong about Bitcoin (Read 640 times)

It's more than likely that he made the statements in a bid to get some cheap Bitcoin for either him, his company, or both. There were records of JP Morgan purchasing Bitcoin-related assets soon after they made the statement (I assume they were real portions of information considering the websites they were from), and that just points to them wanting to get involved but not spending too much to do so. That's just part of what happens to a completely free market I guess.

This guy is a genius investor. He bought more Bitcoin than anyone else recently after causing all of this FUD.

JPMorgan CEO Jamie Dimon is facing market abuse reports from algorithmic liquidity provider Blockswater, according to the UK’s biggest financial news publication CityAM.

Earlier this month, at a banking conference hosted by Barclays, Dimon offered baseless condemnation on Bitcoin, claiming that the decentralized cryptocurrency is a fraud and that the government will soon close down the network of Bitcoin.

Almost immediately after providing a non-factual and inaccurate assessment of Bitcoin, Dimon was heavily criticized by prominent venture capital investor and the owner of the Golden State Warriors, Chamath Palihapitiya.

At the conference, in response to Dimon’s comments, Palihapitiya explained that governments are limited in what they can restrict and regulate within the global Bitcoin industry and market. He emphasized that government agencies and financial regulators can control trading activities around Bitcoin but cannot manipulate or censor the peer-to-peer protocol itself.

To the Dimon’s labeling Bitcoin as fraud, Palihapitiya answered:

“Absolutely not. It cannot be a fraud. What countries can constrain today is how it is effectively traded, but it cannot be controlled. It is a fundamentally distributed system that exists peer to peer. And so to the extent that you can basically eliminate the will and the actions of every single person in the world, you can eliminate it. But in the absence of that, the genie is fundamentally out of the bottle.”

Subsequent to the release of Dimon’s condemnation on Bitcoin, the price of the digital currency plunged from over $4,400 to $3,900. Many analysts have clarified that the price drop of Bitcoin most likely was not impacted by Dimon’s comments but rather by the Chinese government’s imposition of a nationwide ban on Bitcoin exchanges.

Still, Blockswater pursued a market abuse report against Dimon for his statement that was evidently incorrect and because of the involvement of JPMorgan Securities Ltd. in various Bitcoin investments.

On Sep. 15, trusted sources including Bitcoin developer Andrew DeSantis and respected Bitcoin trader IamNomad published screenshots of four separate purchases of Bitcoin XBT shares by the bank accounts of JPMorgan Securities. Analysts as Tone Vays supposed they are custodian accounts that purchased the shares of XBT Provider, a Nordic Nasdaq-based Bitcoin exchange-traded note (ETN) on behalf of clients.

It is highly unlikely that JPMorgan Securities as a company made the decision to invest in Bitcoin XBT. Instead, the clients of JPMorgan likely requested bank transfers to XBT Provider in Sweden in order to invest in Bitcoin through regulated channels.

Florian Schweitzer, managing partner at Blockswater said:

"Jamie Dimon's public assertions did not only affect the reputation of Bitcoin, they harmed the interests of some of his own clients and many young businesses that are working hard to create a better financial system.”

The complaint of Blockswater also noted that Dimon purposely released non-factual information in regards to the structure and legitimacy of Bitcoin with the intent of negatively impacting its price and value.

Banks are always wrong. They report negative about Bitcoin just to get control back over the cash flow.

Some governments will probably do this, yes. Likely the more authoritarian governments; I could see China doing this. But due to its decentralized nature, when one door closes, another usually opens. Governments also realize that there is significant tax revenue to be made from this growing sector.

Some will want their countries to be hubs for blockchain finance activity. The US, in particular, seems like they are heading in this direction, with CFTC-regulated futures markets coming next month. Canada is also establishing its first Bitcoin ETF.

because he wants to retain his power beside banks hate cryptocurrency.. maybe central banks attempt to limit inflation, and avoid deflation in order to keep the economy running smoothly. but he didn't know that bitcoin will give him so much power

Dimon warned that governments will eventually crack down on cryptocurrencies and will attempt to control it by threatening anyone who buys or sells bitcoin with imprisonment, which would force digital currencies into becoming a black market.

he is wrong about Bitcoin that's why people hate him too.. how many times that bitcoin kill? even countries like China Ban bitcoin still it doesn't collapse. people who understand technology will be rich in the future

beside of that, banks hate decentralized things as well as they hate the existence of crpyocurrency. features which bitcoin provides really the opposite of what banks have offered.
JPMorgan is just spreading bullshit as part of the thing I mentioned above, it's hard truth.

What I think is happening here is that the CEO of one of the world's largest financial institutions is threatened by software that was developed to upend his position at the top of the food chain.

My view is not that Jamie Dimon doesn't understand the disruption that is happening in financial services on the contrary, I think he is acutely aware.

There's no real evidence that JPMorgan bought the dump. It's a nice narrative, but all the evidence provided just shows their brokerage buying ETNs on behalf of clients. Even though proving claims of "market manipulation" would be pretty farfetched, especially given that BTC is such new and untrusted technology for most people, I don't think Jamie Dimon and JPMorgan would be dumb enough to FUD the market, then publicly buy the dump. It makes no sense.

Banks will of course try to take bitcoin down or possibly manipulate the market for profit like JPmorgan did this week.  Bitcoin is like a nightmare for them.  I expect more negativity from them in the future as bitcoin keeps getting bigger.

Hi
I agreed with everyone says that JPMorgan wants to dump Bitcoin more & more. for major reason is  to invest with big amount in the Crypto-currency
& I think not only JPMorgan but all the banking system Wants bitcoin To be dump because
 ” the game already start & they are watching only & they are not player yet “.

JPMorgan has already been exposed as one of the big entities behind bitcoin since Jamie Dimon surface bashing bitcoin however, they are caught as one of the biggest buyer during the dip. The case that was filed against him wouldn't prosper because its really hard to proved it because we bitcoin price is based on speculation.


He is really a wolf. Very deceitful and cunning and his every move is very calculated. He embodies the very essence of a business that will take advantage of everything to his gain. Opportunistic and exploit every circumstances without moral principle.

JP Morgan is low moral integrity, what he said was at strong purpose, and he did the same things not once, he used to donate to the police of Newyork to strike the protesters in the Occupy Wall Street, and he played a ignominious role in the London Whale, whats more, he attempt to register bitcoin technology as its own patent for 175 times, he is a fucking bitch!

From the name of it's company 'chase' so JP Morgan CEO Jamie Dimon is now trying to chase some bitcoins while the price is at dip. This is the wrong way to become richer, he spreads false information just for his own purpose and to become wealthier. He's not even contented that he is too rich enough. I read an article that he was accused of market abuse in Sweden for telling bitcoin is a fraud.

Yes, JP Morgan bought btc when the price dumped. That is the dirty trick to trade from big players like Jp morgan, Beside that Bitcoin is a threat to JP morgan business wings in banking and monetary industry. Jp morgan Jami Dimon is nothing to bitcoin. I believe that most bitcoin community iritated with the jami's statement

JP Morgan is already wrong in the first place because those are all false accusation about bitcoin and he doesn't have enough proof about bitcoin that his statements are true and i think that he just want a bitcoin for a lower price so he can go into bitcoin investment and i think that all of his accusation about bitcoin is just a strategy.

Hey try to post the link again as it looks suspicious and detected by the forum. I don't know what to believe now, I don't if this media is trying to make war against bankers and bitcoin / crypto currencies. There is an another attack from Jamie Dimon that will make another dip for bitcoin. Who else are tired of these news? I want to see the greener charts, greener days, greener months. If Dimon is here on forum, stop it man and be a man.