Bitcoin has hit $50,000. Not bad for Jamie Dimon’s so-called “pet rock”. Does Dimon not understand Bitcoin, or is this just a continuation of the banks’ plan to undermine crypto and to prevent the average person from leaving the sinking ship?
Bitcoin is doing what it was created to do, and that is to be a life raft to protect wealth from the excesses of the banks and the consequent diminishing purchasing power of fiat currencies.
Does Dimon comprehend bitcoin?
Could it be that Jamie Dimon, CEO of JP Morgan, the biggest bank in the US, is so entrenched in his world of banking and fiat currencies that he does not comprehend bitcoin?
When you are given other failed banks for pennies on the dollar, and all the toxic debts of those banks have been put on the Federal Reserve balance sheet for the American people to make a loss on, life must be nothing short of wonderful.
Your bank is one of the Global Systemically Important Banks (G-SIBs) and it has been decided that you are far too big to fail. Therefore, anything you do that entails a big loss of money will just be eaten by the Fed, and subsequently by US citizens.
Bitcoin can’t be controlled
Perhaps, as is more likely, Jamie Dimon does understand bitcoin, or at least he understands that an asset now exists that neither he, nor his banker friends, nor the watchdog agencies, nor the US government, nor any government, can control.
Is this what made him start selling his shares in his own bank? Is this what has made him denigrate bitcoin every single time he gets a spot on mainstream media? Is this what is keeping him up at night when he thinks of what bitcoin can do to the JP Morgan empire that means everything to him?
Bitcoin has just tagged $50,000. There are only 21 million $BTC that will ever be mined into existence. More than 19 million are already circulating, and so there isn’t much left to mine, meaning that this is probably the scarcest asset on the planet. And no Jamie, when the last bitcoin is mined, Satoshi Nakamoto will not “come on there, laugh hysterically, go quiet, and all bitcoin is going to be erased,.”
Making such a puerile statement is evidence either of Dimon’s utter incompetence on the subject, or it is complete desperation.
Banking leaders have misled people
Dimon and other banking leaders are absolutely scathing on bitcoin. Of course that is the case. Their very livelihoods are threatened. However, their pronouncements have done a lot of damage to the average person. People listen to these leaders because they are in control of vast sums of money, and they have that aura of respectability that their position grants them.
That said, bitcoin is still at $50,000. There is still time to jump aboard the freedom express. But do remember, it’s not all about the money. Yes, it’s about protecting your wealth, but it’s also about being able to transact with who you want, and buy what you want. Education on bitcoin is needed quickly. Do not allow yourself to be shut down. Time is of the essence.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.