Bitcoin Q&A: My response to Jamie Dimon


A couple weeks ago, Jamie Dimon
criticized Bitcoin.
Could you encapsulate,
briefly, what his criticism was and then how you would rebut it? Because I’m very interested in the topic.
I believe his specific criticism was, and I may paraphrase, that Bitcoin is a fraud, that has no financial
basis and is not backed by anything.
That was the criticism by Jamie Dimon, head of JPMorgan Chase,
who actually got fined
2 billion dollars for mortgage fraud, which
JPMorgan Chase paid
by committing more mortgage fraud
I don’t know if you’ve seen that news, that was particularly fascinating. And they did this all on the dollar,
which is backed by… oh.. right
So,
You know, I think my, my most honest reaction is Jamie doth protest too much methinks, and
It’s interesting how the head of the largest investment bank in the world
finds time in his very, very busy day to speak about a nothing,
an irrelevant little technology that has no impact on the world
It’s almost
disconcerting that he would pay so much attention
By the way, as he was saying that, JPMorgan traders were buying Bitcoin, so I
I will give you a prediction which I’ve made before.
The world’s banks have never faced competition from the internet.
They need to learn really quickly that when the internet comes for your industry,
It doesn’t end well. Look at all the other industries that face the intense competition from the internet
Well, the Internet is now coming for banking and the result of that will be that
Banks, and their executives will not only lose their industry or their power in the industry,
But they will go through the five stages of grief.
Denial, anger, bargaining
Depression and acceptance.
It starts with denial. Bitcoin can’t possibly work. It will surely crash any second now. Nine years later,
That’s not working, so well
Anger – terrorists! Drug dealers!
Pornographers! Make it stop!
That’s not working, because the governments figure out you can’t make it stop.
Bargaining! We like blockchain, but not Bitcoin
hmm, doesn’t work so well, and so on and so forth. The Internet is coming for banking and
Like every industry before it, the industry heads think “we will weather this storm,
After all, we’ve been doing this for centuries”
Good luck. I hope you keep that attitude until the very end

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