JPMorgan Chase makes billions for its shareholders. CEO Jamie Dimon gave his best estimate of the future of Bitcoin, and wow.
Jamie Dimon, Chairman and CEO of JPMorgan Chase, discusses his Annual Letter to Shareholders on Tuesday, April 4, 2017 at the Chamber of Commerce of the United States of America in Washington, DC. (Paul Morigi/AP Images for JPMorgan Chase)
Dimon’s words on Bitcoin, in the wake of China flatly banning corporations from using cryptocurrencies to offer “ICOs” in places of IPOs, don’t mess around at all:
“It won’t end well,” Dimon said, adding that “they will eventually blow up. It’s a fraud.”
A fraud! Further, he’s actually banning the company from making investments into Bitcoin. That’s how serious he is. He’s betting that Bitcoin is a bubble driven by criminal activity, just as I’ve been saying in this space for a long time.
Dimon could be wrong, but ask yourself this: the US Dollar has value because the US Government requires that taxes be paid in US Dollars. That creates a fundamental demand for the US Dollar by forcing people to acquire and use the currency. What gives fundamental value to Bitcoin?