Earlier this week CEO of JP Morgan, Jamie Dimon, called Bitcoin a “fraud”. Ex-JP Morgan executive, Alex Gurevich, advised the current CEO to “STFU about Bitcoin”.
Bitcoin a Fraud?
In a recent conference in New York the current CEO of the banking firm JP Morgan, Jamie Dimon, called the cryptocurrency Bitcoin a “fraud”. According to Dimon:
[Bitcoin is] only fit for use by drug dealers, murderers and people living in places such as North Korea.
He also added:
If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in bitcoin than US dollars. So there may be a market for that, but it would be a limited market.
The boss of Americas biggest bank also said that he would fire any JP Morgan trader that traded with Bitcoin. After the news about Dimon’s comments emerged, the cryptocurrency market reacted with a harsh price decrease of Bitcoin from $4700 to today’s $3571. Other cryptocurrencies like Ethereum and Litecoin also lost significant value.
“STFU about Bitcoin”
Jamie, you're a great boss and the GOAT bank CEO. You're not a trader or tech entrepreneur. Please, STFU about trading $BTC.
— Alex Gurevich (@agurevich23) September 12, 2017
Shortly after Dimon’s comments, an Ex-JP Morgan executive, Alex Gurevich, tweeted about Dimon’s comments and told him to “STFU about trading $BTC”. Gurevich’s tweet received a lot of attention from the cryptocurrency and Bitcoin community worldwide.
Many analysts and experts in the cryptocurrency community believe that the current Bitcoin market isn’t a fraud, and some even believe that the current valuation of Bitcoin is still too low.
Nope. Bitcoin is not a fraud.
— CNBC's Fast Money (@CNBCFastMoney) September 13, 2017
Many Bitcoin investors and believers think that Bitcoin is not in a bubble state. Yesterday, the famous founder of McAfee Antivirus, John McAfee, said in a TV interview that Bitcoin is NOT a fraud. He explained:
I’m a bitcoin miner. We create bitcoins. It costs over $1,000 per coin to create a bitcoin. What does it cost to create a U.S. dollar? Which one is the fraud? Because it costs whatever the paper costs, but it costs me and other miners over $1,000 per coin. It’s called proof of work.
There clearly is no doubt that the Bitcoin valuation was affected by all these comments, but there are many analysts who believe that this is a necessary price correction after the drastic price raise that Bitcoin had earlier this year.
What are your thoughts on Jamie Dimon’s comments about Bitcoin? Do you think that Bitcoin is a fraud and a bubble? Let us know in the comments below!
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