Posted 7 months ago | by Catoshi Nakamoto
Jamie Dimon, who once apologized and admitted he was wrong about Bitcoin supposedly regretting his comments, has once again taken shots at the number one digital currency calling it “worthless” while comparing BTC to smoking cigarettes.
Jamie Dimon Bashes Bitcoin For The Hundredth Time
Dimon made numerous senseless comments at the Institute of International Finance (IIF) Annual Membership meeting on October 11th, claiming that the largest cryptocurrency sitting at a $1 trillion market cap is “worthless.”
“I personally think Bitcoin is worthless,” Dimon said at the conference.
Dimon also questioned Bitcoin’s scarcity implying that its hard cap of 21 million coins could be changed in the future an unlikely case due to the obvious pushback that would cause.
“I’ll just challenge the group to one other thing: how do you know it ends at 21 million? You all read the algorithms? You guys all believe that? I don’t know, I’ve always been a skeptic of stuff like that,” he said.
When asked why Dimon provides JPMorgan’s clients the ability to have exposure to Bitcoin, the billionaire banker compared investing in crypto to smoking cigarettes further showing his disconnect from reality.
“I don’t think you should smoke cigarettes either, but our clients are adults.”
"I personally think Bitcoin is worthless."
— Bloomberg Technology (@technology) October 11, 2021
Jamie Dimon’s Past Comments About Bitcoin
Despite, Dimon’s comments, JPMorgan which is the U.S.’s largest bank recently launched a Bitcoin fund for deep-pocket institutional investors. Back in September 2017, Dimon expressed that he would fire any trader who dared to touch Bitcoin.
It’s worth noting that Dimon is out of touch and becoming irrelevant; he previously said that the cryptocurrency would “not survive” back in November 2015 when the price was fluctuating around the $400 level and has consistently called Bitcoin a bubble, Coindesk previously reported.
In 2017, Dimon bashed Bitcoin and cryptocurrency in general for months increasing the fud then in September of that year. JPMorgan later purchased a Bitcoin exchange-traded note (ETNs) trading on Nasdaq’s Stockholm exchange Bitcoin XBT on the dip which at the time was roughly -25%. As a result, Dimon was accused of market manipulation violating European market abuse laws causing a flash crash according to a complaint filed to the Swedish financial regulator by a London firm called Blockswater.
However, JPMorgan denied this effort stating that it was just acting as a broker for its clients. “They are not JPMorgan orders,” a JPMorgan spokesperson told Reuters. “These are clients purchasing third-party products directly.”
Around that same time, JPMorgan’s head of digital treasury services Umar Farooq said the following comment.
“We are supportive of cryptocurrencies as long as they are properly controlled and regulated,” Farooq, JPMorgan’s head of digital treasury services and blockchain, said back in 2017.
Dimon later admitted in 2018 that he was wrong and regretted calling Bitcoin and cryptocurrency a fraud in general, adding that he believes in the technology behind it.
As Forbes reports, the company led by Dimon, turned around its message about cryptocurrency and began diving into the industry. Last year, the bank added its first crypto exchange customers and Dimon reportedly hosted secret meetings with the boss of major bitcoin and crypto exchange, Coinbase.
That’s not all though, around the same time, JPMorgan approved two bitcoin exchanges’ accounts for use with its bank, Gemini and Coinbase, The Wall Street Journal reported.
JPMorgan doesn’t just purchase Bitcoin ETFs, the company is also heavily involved with the ‘blockchain frenzy’ that has tempted banks across the world. The financial firm has applied for a “Bitcoin alternative” patent with the U.S. over 175 times in 2013 being rejected every time. Dimon just seems sour that he couldn’t get his Bitcoin alternative patent through the patent process. On the bright side, Dimon smearing crypto as “worthless” is the ultimate bullish signal as a counter markets indicator, thanks, Jamie.
Bitcoin is currently trading at [FIAT: $57,412.04] UP +4.7% in the last 24 hours according to Coingecko at the time of this report.