The relationship between cryptocurrencies and the traditional banking sector is far from friendly. Solutions such as Bitcoin and Ethereum maintain a diametrically opposed position to the centralized control systems used by banks, which has led to open accusations of "pyramids" or "bubbles". However, the CEO of JPMorgan Chase, Jamie Dimon, decided to widen the gap by declaring at a recent conference that Bitcoin is a fraud that only serves murderers, drug traffickers, and people living in North Korea or Venezuela.
Bitcoin's price and the Chinese factor
At the time of writing, Bitcoin's price was around $3,853. On September 2, it touched $5,000, a variation of 23 percent, but its users do not see it as a crash but rather as a correction associated with profit-taking. If we look for a reason for this variation, the first thing that appears is China. The local government declared a ban on ICOs, although it is thought to be temporary. The second reason has a name and surname: Jamie Dimon, chairman and CEO of JPMorgan Chase, the largest of the 'Big Four' US banks.
Dimon's tirade
At a Barclays conference held in New York, the CEO took the opportunity to attack Bitcoin, going so far as to say that he "would fire in a second" anyone in the bank trading in bitcoins, giving two reasons: it goes against company rules, and that person is stupid. But he didn't stop there. He immediately added that "the cryptocurrency is not going to work" because "it's not possible to have a business where people invent money out of nothing", and that it is only useful "if you lived in Venezuela, Ecuador and North Korea, or if you were a murderer or drug dealer". The link with North Korea arises from new data indicating an increase in cryptocurrency trading by the North Korean government, probably to avoid the latest round of sanctions.
A history of criticism
Now, the truth is that Dimon's attack on Bitcoin is nothing new. Anyone who closely follows the CEO's activities knows that this is the fourth time he has thrown poison darts at the cryptocurrency (January 2014, November 2015 and January 2016 were the previous ones). On the other hand, if we take into account the colorful background of JPMorgan Chase (Enron, WorldCom, Bernie Madoff), the feeling is that the pot is calling the kettle black. At the same time, not even his own daughters believe him (Dimon admitted that one of them bought bitcoins), and let's not forget that JPMorgan Chase is part of the Enterprise Ethereum Alliance, in addition to working on its own blockchain, Quorum.
Source: The Guardian
