• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Breaking: Binance Shocks Employees With Sudden Layoffs - What's Next For The Crypto Giant?
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Binance Shocks Employees With Sudden Layoffs - What's Next For The Crypto Giant?

Why JP Morgan’s CEO Sees Bitcoin as Unimportant

Nick Marinoff by Nick Marinoff
8 years ago
in Bitcoin, Bitcoin Acceptance, Bitcoin Price, Bitcoin Regulation, News, News teaser
0

Jamie Dimon, the CEO of JP Morgan — America’s largest bank — sees bitcoin as a waste of time. Solidifying his status as the male version of Blythe Masters, Dimon is enthusiastic and positive when it comes to the blockchain, but dismissive of the country’s favorite digital currency.

Also read: Voting Machines Running Blockchain Technology Are No Longer Just A Theory

“Separate currency from the blockchain… My belief is that there’s not going to be virtual currencies. They may be small,” Dimon said while speaking at the Fortune Global Forum.

When it comes to people like Dimon, cryptocurrency advocates have trained themselves to be ready; ready to defend their coin to the end, ready to account for all its positive attributes and its abilities to change the world as we know it.

So what are some of those attributes? Well, how about the fact that it’s able to aid unbanked nations? We’ve been trying for years with traditional banks and been relatively unsuccessful simply because they rely too much on one’s background and stature. Applicants who lack credit or a steady financial history may find it difficult to open a bank account or credit card, and sustaining whatever finances they earn from there can prove even harder.

That’s the other difficulty when it comes to fiat currency. Looking at American money, for instance, one dollar is never going to change in value. It’s always going to be worth one dollar. It’s unfortunate, but it’s the way society rolls. Fiat currency is constant and never changing.

With bitcoin, it’s a little different, as we’ve seen in the past few weeks. Sometimes, the stars align in such a way that the present value of one’s coins can spike without warning. Through late October to early November, bitcoin enthusiasts watched with joy as the price of the cryptocurrency rose from a mere $230 to $260, then $300, then $400 until suddenly $500 appeared imminent. The coin has since encountered a few barricades and fallen back down to the high $300 range, but, in the long run, Bitcoin attained a status we’ve all been wishing for throughout the year. Following nearly ten months of low-end fluctuation, Bitcoin climbed the ladder and reached a prominent spot. In those weeks, all bitcoin owners, banked or unbanked, were able to earn a little something on their money.

Dimon was also critical of bitcoin regarding its relationship and function to governments. Continuing his speech at the FGF, the banking CEO added:

“Governments like to control (currencies). They have central banks. They like to control the supply. They also generally like to know where it (currency) is and where it goes… They (the government) will not support major currencies that go around borders that they don’t have control over. It’s just not going to happen.”

Hate to break it to you Mr. Dimon, but it already is happening. Government entities and regulators from around the world already see Bitcoin and related cryptocurrencies as innovative, to say the least. According to Cryptcoinsnews.com, the Chinese Cyberspace Administration recently said that the world is in a “post-Bitcoin era,” and the changes it has to offer can no longer be put to the side. Scotland is currently looking towards creating the digital currency ScotPound, and London is a self-proclaimed arena for Fintech.

Furthermore, what about the BitLicense and other forms of regulation we’ve witnessed in areas like California and North Carolina? The Isle of Man has also been regulating cryptocurrency since 2014. The information offers evidence that governments do see digital currency as something they can potentially control.

Despite his negative attitude towards bitcoin, Dimon did offer hope for the technology behind it, saying:

“Like any other technology, if it is cheaper, effective, works, and it is secure, we are all going to use it… We have a study group looking at the blockchain. It may be very good for certain things like loans, with a lot of documentation that is hard to transfer.”

Do you agree with Dimon, or is bitcoin here to stay? Post your comments below.


 

Image credits: firstpost.com & moneyandtech.com

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Nick Marinoff

Nick Marinoff

Related Posts

Bitcoin Whale Shark

Bitcoin Sharks & Whales Have Bought 93,000 BTC Since April Top: Santiment

2 days ago
Bitcoin

BREAKING: Bitcoin Mining Industry Spared From 30% Tax In US Debt Ceiling Deal

3 days ago
Bitcoin

Bitcoin Taker Buy Sell Ratio At Highest Since Feb, What Does It Mean?

3 days ago
Bitcoin

Bitcoin Shrimps Continue Aggressive Accumulation As Holdings Hit ATH

3 days ago
Bitcoin Bull

Bitcoin Bullish Signal: Exchange Netflow Registers Negative Spike

6 days ago
Bitcoin

Bitcoin “Buy The Dip” Mentality Disappears, Is Now Actually The Time To Buy?

6 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    6 hours ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    6 hours ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    9 hours ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • ron ron token desantis

    The Ascending Trajectory of $RON: Setting the Pace for...

    3 hours ago
  • TMS Network (TMSN) Gives 3000% Profit To Investors While...

    3 hours ago
  • Why are Aptos (APT) and Cardano (ADA) investors shifting...

    3 hours ago
  • Can DeFi Utility Like Uniswap(UNI) Be Possible With...

    4 hours ago
  • Bitcoin Whales Are Diving Into DigiToads as Memecoin Season...

    4 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.