In an online interview with the Times of India, JP Morgan CEO Jamie Dimon made his feelings on crypto very clear as he trashes Bitcoin saying he does not ‘really care’ about the digital asset…despite the company being the first US bank to offer Bitcoin to retail customers, and giving wealth management clients access to Bitcoin through four separate funds.
But before you go on to take his words at face value, let’s just unpack a little bit about the man himself, and the company he heads.
You’re a fool if you borrow money to buy Bitcoin says JP Morgan CEO
Dimon called anyone who borrows money to buy Bitcoin “a fool”, and went on to explain that he believes Bitcoin is a bubble that may burst at any time. Which is hilarious really, considering the ridiculous inflation which banks, governments and regulators have not only allowed to happen, especially over the last 18 months or so since the Pandemic, but been complicit in creating.
Speculation happens in every market around the world, including the communist countries. So, I don’t know why there is a surprise with a lot of speculation, particularly when there’s as much liquidity in the system.Jamie Dimon
Dimon went on to Liken Bitcoin to both the Dot Com bubble of the late 1990’s as well as the seventeenth century Dutch Tulip bubble, which is a bit rich coming from the man who was at the helm of the financial institution which has been previously slapped with huge fines for fraudulent activities, including the London Whale scandal, multiple felony counts relating to Bernie Madoff’s ponzi schemes, and which held the accolade of being one of the first banks in history to be charged with running a criminal enterprise under the RICO act.
Yes, it’s absolutely clear. Jamie Dimon and JP Morgan are utterly whiter than white, and can be totally trusted to tell you the truth.
Jamie Dimon on crypto Regulation
When asked whether he thought digital assets, such as Bitcoin and other altcoins, should be regulated or banned, Jamie Dimon noted that he thinks governments should regulate crypto. Because of course bankers want to regulate something which they both don’t control and which is a direct hedge against their ability to create junk debt-ridden fiat money that they’re allowed to magically create out of thin air and loan at interest.
Governments regulate just about everything. I don’t know if it’s an asset. I don’t know if it’s foreign exchange. I don’t know if it’s a currency. I don’t know if it’s the securities laws, but they’re going to do it. And that will constrain it to some extent. But whether it eliminates it, I have no idea and I don’t personally care. I am not a buyer of Bitcoin.Jamie Dimon, JP Morgan CEO.
Dimon threatened employees who traded Bitcoin with the sack
Back in 2017, Jamie Dimon threatened to fire any JPM employee who traded Bitcoin. Fast forward a few short years, and he is now urging his employees to trade BTC for clients. Clearly, his personal opinions on digital assets haven’t stopped him from giving his customers what they actually really want… which is exposure to crypto.
However, he wasn’t really up to putting his money where his mouth was, and refused to allow his fund managers to short Bitcoin, as he said there was no telling how high it would go before it collapses. That was back in 2017 when the price was sitting at around $2000. Not shorting Bitcoin was probably one of the wisest decisions he actually ever made.
Jamie Dimon’s: Totally corrupt, yet not in Jail?
Dimon was arguably one of the major players in the 2007/2008 financial crash which made ten million families homeless and reduced the USA’s net worth by about 40% in what some people say was possibly the “biggest theft in human history”.
In 2012, The Senate Permanent Subcommitted on Investigations released a 300 page report which documented the fraudulent activities of the bank in connection to some $6B in losses from high-risk trades in derivatives, which they sought to hide the evidence of from the SEC by using fraudulent accounting methods.
The fallout from these activities was 70 times bigger than the Reagan era Savings and Loans scandal, but at least during that time in the 1980’s regulators actually did their jobs, with more than 1200 criminal prosecution being laid, and over 90% of them being successful.
But during the Obama era, not a single banker was held accountable for their collusion in the ultimate theft from ordinary people, and Jamie Dimon was apparently colloquially known as “Obama’s favourite banker”, with the then President calling him “one of the smartest bankers we’ve got”.
It’s probably true, as Dimon effectively got away with volumous financial crimes which culminated in the theft of billions from ordinary American’s, whilst getting whopping great multi-million dollar bonuses. Very smart Jamie, well done. It probably couldn’t have been achieved without the help of some of his buddies in the White House, which appears to have been happy to shield top financial execs from investigation and justice.
Jamie Dimon has no moral authority on crypto…or anything else
It’s clear to anyone who has done even a cursory amount of investigation into Jamie Dimon that this isn’t a chap with the best interests of the public at heart. He is a shark who has managed, with the help of powerful friends in government and the media, to evade real justice time and time again, whilst raking in billions. Interestingly of course, when his company makes losses, it’s not Dimon that bails them out… it tends to be the taxpayer.
Frankly, the very idea that Jamie Dimon is an authority on anything after the stunts he’s pulled during his tenure as JP Morgan CEO is laughable. If you are a crypto enthusiast, it’s probably worth remembering that this is a not only a man who epitomises financial fraud, but when it comes to Bitcoin has been pretty much on the wrong side of the argument from the start.