See news report here.His point that governments will never allow Bitcoin to take off, which would mean their loss of monetary power, is reasonable on the surface, even to seasoned finance professionals.
But it's hard to believe the head of JP Morgan Chase not understanding the history of gold and silver standards. Of the last five centuries of modern Western history, only over the last 45 years was the chief imperial currency not explicitly pegged to non-state money (gold and/or silver), and these years saw more than their fair share of instability.
In fact, the elites have never really abandoned precious metal standards, because they can't. The evidence is more than solid that they have secretly manipulated gold and silver prices down over the last decades. This is no different from gold and silver standards, if you think about it. Only that, in modern times, the 'pegging' against precious metals is more flexible and not explicit.
Ultimately, the modern Western imperial-financial system doesn't have enough hard power to force its money onto the world. It must rely on the fiction that its money is worth a certain amount of state-free money that is truly trusted by the public to hold its value, one way or another. (And if that state-free money is crypto, they can even do their pegging cheaply and without embarrassment.)
The only state that *did* have enough power to impose its fiat money was China after about 1000 AD, as the Chinese empire was a centrally controlled universe unto itself. Even there, after a few centuries that ended in disastrous inflation, China went to physical silver.
But no, I don't think Dimon is ignorant. He's likely playing his part in the elites' control of Bitcoin's price. There's a decent chance he advised his relatives to load up on Bitcoin after his comments!
He is not ignorant at all. He knows what he is doing. In fact might be well aware of consequences of his action. And that consequence is creating FUD that is fear, uncertainty, doubt among investors, buyers so that market price of bitcoin will be shaken. This helps in easy catch. These big players tend to use these tactics when market is not controller by a central authority. Like gold or fiat currency who have governing authority. It becomes easy to control and manipulate these authorities as per will. However market like Bitcoin is decentralized which makes these people to change their tactics. The big investor like bill gates and Marc Andreessen are not fools. They know what is going on. And are still accumulating bitcoins.
Be ready more and more such news in future. Just HODL your coins for long and keep buying them at regular intervals.
