I’m really grateful JP Morgan CEO Jamie Dimon decided to once again lash out in anger at Bitcoin, as it provides us with ample opportunity to highlight a practice very near and dear to how the bank operates. Fraud.
The way the news cycle works, any topic that isn’t already at the forefront of enough people’s minds will be largely ignored irrespective of its importance. The fact that Jamie Dimon ironically called Bitcoin a fraud, allows us to ask highlight some very important facts about the seemingly systemic fraud inherent in America’s largest bank, JP Morgan.
Look - Mr - Dimon - Courtesy - Plutocrat
First, let’s take a quick look at some of what Mr. Dimon said. Courtesy of the financial plutocrat network, CNBC:
Jamie Dimon has not changed his mind about bitcoin.
Mr - Dimon - CEO - JP - Morgan
Mr. Dimon, the long-time CEO at J.P. Morgan Chase, continued his well-documented criticism of the digital currency bitcoin. Speaking at the Barclays financial services conference on Tuesday, Mr. Dimon was asked whether his bank had a trader who traded bitcoin.
His response? “If we had a trader who traded bitcoin, I’d fire them in a second,” he said. “It’s against our rules” and any trader that deals in them is “stupid.”
Mr - Dimon - Bitcoin - Fraud - Comments
Ultimately though, Mr. Dimon said that he thinks Bitcoin is “a fraud” and it “will eventually blow up.” He referenced approvingly the comments of another titan of the traditional markets, Howard Marks, who recently called bitcoin “an unfounded fad.”
Millionaire Warns Americans: “Get Out Of Cash Now”
System - Wall - Street - Journal - Investors
Something strange is going on in the financial system. And according to The Wall Street Journal, it’s causing some investors to move massive amounts of money out of the banking system.
Of course he hasn’t changed his mind about Bitcoin, and he never will. As he himself noted back in 2014.
Time - Dimon - Silicon - Valley - Businesses
It’s not the first time Dimon has issued a warning about Silicon Valley businesses.
“They all want...
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