JP Morgan Boss Jamie Dimon Labels Bitcoin a ‘Fraud’ – But Numbers Say Otherwise

Simon Blish

According to JP Morgan boss Jamie Dimon, bitcoin is a “fraud that will ultimately blow up”. At least, that is what the boss of the second largest American bank said at a New York conference earlier this week before stating that he’d fire anyone found using the cryptocurrency.

“The currency isn’t going to work,” he continued, according to The Guardian. “You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.”

However, bitcoin’s track record disagrees. Back in early August, bitcoin shocked cryptocurrency fans and sceptics alike by swelling to $4,000 (approx. £3,200) per unit. It’s thought that there are numerous reasons behind bitcoin’s resurgence. Firstly, there’s the tension between North Korea’s hermit ruler Kim Jong Un and US president Donald Trump. As the two battle it out, smart investors situated in North East Asia are looking for secure financial options. According to CryptoCompare, bitcoin trade in Chinese Yuan, Korean Won and Japanese Yen all reached extraordinary highs at the beginning of September.

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As well as the political causes, there is also the fact bitcoin is slowly becoming more mainstream – entering the pop culture sphere. In the beginning, bitcoin was a complicated, alternative financial tool used to avoid regulators and banks. However, now it is a completely viable payment method used by millions around the world. Obviously, investing in bitcoin is a great idea and opportunity, and it’s clear that many people are recognising this.

This is fantastic news for bitcoin enthusiasts, particularly those who use bitcoin. One particularly lucky bitcoin owner who had bought 20 BTC for just $100 in April 2012 recently logged into his account and found $80,000 worth of bitcoins.

Back when this person, who had exchanged the money to play at an online bitcoin casino, bought his 20 BTC, a single bitcoin was worth no more than $5 – but even this was impressive at the time. Of course, five years later bitcoin is experiencing an incredible boom, growing by 780% from January 2017 alone. As of August, bitcoin had accumulated more than $15 billion to its market, an incredible feat. Honestly, it is surprising that bitcoin-only websites – especially in niche sectors such as casino games – aren’t the leading platforms yet, though this might be due to a lack of familiarity of the public with the currency. That’s an article for another day, but for all your info on bitcoin casino games  you can visit to see how the currency can support a brand entirely, without the need for fiat options.

Alas, how can we be sure that this bitcoin bubble won’t burst? Well, we can’t be but right now it seems that we are experiencing just the start of the bitcoin boom, at least that is according to Standpoint Research founder Ronnie Moas.

“What’s happening is the floodgates are opening,” Moas told CNBC at the beginning of August. “I believe there are hedge funds and very deep-pocketed individuals going into this now, really hundreds of millions of dollars.” He went on to explain that he understood why people were questioning the traditional rules of finances and economics, stating that this was not a normal situation.

“We’re in an industry that will probably go from $140 billion to $2 trillion,” he said, “the bitcoin price will probably move with that.”

About Simon Blish

Writing, drawing, editing - Simon loves it all.