Jamie Dimon Says Stupid Bitcoin Buyers Will Pay the Price One Day

JPMorgan CEO, Jamie Dimon, can't get over Bitcoin, and has now stated that stupid Bitcoin buyers will pay the price one day.
It seems like JPMorgan CEO Jamie Dimon just can’t stop talking about Bitcoin. After stating on Thursday that he won’t talk about Bitcoin anymore, he came back the very next day, rather aggressively, saying, "If you're stupid enough to buy it, you'll pay the price for it one day."
Jamie Dimon has been making headlines all over with his anti-Bitcoin comments, starting back in September, when he called Bitcoin “a fraud” – after which the leading cryptocurrency plummeted majorly from just under $5,000 to under $3,000.
Since then he has made various claims, calling Bitcoin a bubble, “worth nothing”, and several notable figures also ended up commenting on the drama.
Whether it’s John McAfee, questioning Dimon’s claims or calling him “a mad man”, Brock Pierce, saying Jamie is doing a good job, or the Managing Director of the IMF, advising against hasty judgments – the JPMorgan CEO got everyone talking.
However, on Thursday he had stated his intention to distance himself from all the Bitcoin drama, saying:
“I wouldn't put this high on the category of important things in the world. But I'm not going to talk about bitcoin anymore.”
But yesterday, Dimon went on a tirade against Bitcoin at the Institute of international Finance Conference, speaking at length about his issues with the cryptocurrency and those who believe in it.
He did however, praise blockchain technology, something that is consistent with other financial organizations (more recently the CEO of Citigroup also endorsed blockchain technology):
“I could care less about bitcoin. I don't know why I said anything about it. The blockchain is a technology which is a good technology. We actually use it. It will be useful in a lot of different things. Gold bless the blockchain.”
Then he moved onto criticizing Bitcoin and those who buy and trade it, calling them stupid:
“I could care less what bitcoin trades for, how it trades, why it trades, who trades it. If you're stupid enough to buy it, you'll pay the price for it one day. I've also told people that it can trade at $100,000 before it trades to zero. Tulip bulbs traded for $75,000 or something like that.”
While Bitcoin has been on the rise, breaking the $5,000 barrier this week and is still going up (trading around $5,700 at the time of writing), Jamie insinuated that the gains are a result of manipulation by those who want the price to go up so they can cash out:
“Honestly I think there's a good chance a lot of the buyers out there are out there jazzing it up every day so that maybe you'll buy it too, and take them out.”
Jamie also reiterated his previous remarks on Bitcoin’s lack of government backing, stating that world governments will crush it one day, because they want control over financial transactions.
“The other thing I've always [said] about bitcoin, governments — and this is not a technological statement — governments are going to crush it one day. Governments like to know where the money is, who has it and what you're doing with it, in case you haven't noticed. Right?”
Finally, Jamie ended things by saying he will not be answering any more questions about Bitcoin:
“But this is the last time I'm ever going to answer questions about bitcoin because I really don't care.”
Whether Jamie is being deceptive, or he really believes his views on Bitcoin, all of this makes for a lot of entertainment, as was evident by the reactions of the audience at the conference. Intentionally or unintentionally, Jamie Dimon has definitely helped Bitcoin get even more media coverage, exposure and attention. After all, it is said, “there's no such thing as bad publicity”.

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