Jamie Dimon has a keen focus these days on advising people away from digital currencies because he’s scared of them. Over the last month I’ve been greeted by numerous articles in my feed about what “The Chosen One” of the Federal government feels about Bitcoin in particular. The first time he spoke out, on September 12, 2017 he called non-fiat currencies a fraud, in particularly Bitcoin. Today he’s decided that anything that’s a non-government backed currency (fiat currency) is a false investment and your stupid for taking that opportunity. It’s hard for me to rationalize how misinformed this video makes Jamie sound to anyone that’s seen the rise (and subsequent falls) of digital currency. His time with the Federal Reserve shines through and how deeply he is invested in an old line of thinking which will have him go the way Dodo.
There were three major statements in his video that really had me step back and realize how little is understood about the purpose and value of non-fiat digital currencies. His first statement was, “I have an issue with a non-fiat cryptocurrency”. Well why is that Jamie? The argument for cryptocurrency is no different than that of gold or silver. In fact, it’s easily argued that because it’s a limited supply its should be and is worth significantly more than any corrupt currency controlled by the government such as the US Dollar. Ron Paul has been talking about this for decades and if you think that the US dollar is so great then take a look at my dashboard from October 10th, 2017 at 8:08pm.
Looks to me that you are right Jamie. The value of Bitcoin is whatever the guy next to you will pay for that and that value seems to be pretty high. In fact, what kind of statement is that. JP Morgan has dumped billions into the social media market seeing marginal returns at best. All investments have risk, why do you act like this is any different? Anything worth having in this life is because someone assigns a value to it. Gold, silver, diamonds, Facebook, sand, petroleum, tulips, and platinum all have a value because people have decided so accordingly. This is true for all things and to recite it back to the American people like the underlying details of that statement are to abstract for us to extrapolate is insulting.
Out of all the things that we’re said this statement scares me the most, “Governments will crush it (Bitcoin) one day.”. In this I believe that government(s) will certainly try. You’re absolutely right that the government wants to decide how we pay each other, when we pay each other, and that they can see what we do with their money. The argument of protecting ourselves from terrorists is absurd. Terrorism was just as rampant before the advent of digital currencies and its escalation is not increased. In fact, it could be argued despite anonymous digital currency we’re still better at thwarting terrorism world wide than we’ve ever been before. This is a scare tactic to have people write off digital currency off as a scam.
It’s been since 1998 we’ve started down this path of digital currency and as far as I can tell it just keeps growing. I’ll track the trends, the people, and what the free market wants. Maybe Jamie Dimon you should probably take a deeper look. Don’t lecture me on how stupid I am for caring about the liberty and financial freedom of the American people. Thanks for the awesome housing crisis. Remember when you lied to us as the house of cards fell apart and families we’re destroyed under your reckless lending for big commission checks? Was that recent? How did the market look after that little fiasco?
Digital currency is here to stay and it’s my hope that a respectful tone can be taken when it’s being talked about in the future.