Although some traditionalists have taken an open-minded approach towards crypto assets, such as Bitcoin, the CEO of one of America’s largest financial institutions has decided to bash this industry by claiming that he doesn’t care or give a ****.
“I Don’t Want To Be The Spokesperson Against Bitcoin”
Despite claiming that he “wasn’t going to talk about Bitcoin anymore,” Jamie Dimon, the world-renowned CEO of institutional powerhouse JP Morgan, took to the public stage to discuss the crypto assets again… but not on a positive note.
Speaking at a JP Morgan-sponsored Axios event earlier this week, as relayed by CNBC, Dimon appeared in front of an audience of hundreds to discuss a number of topics, including the US-China trading war/dispute. Eventually, the moderator took a U-turn, prompting Dimon with a crypto-related question.
Not being afraid to speak his mind, Dimon, formerly of American Express, was blunt and to the point, following-up his previous comments that crypto is a “fraud” by stating:
“I never changed what I said, I just never wanted to have said it. I didn’t want to be the spokesperson against Bitcoin. I don’t really give a s**t, that’s the point ok.”
Dimon’s comments evidently threw Crypto Twitter, a secluded segment of the internet filled with this nascent industry’s best, for a loop. Anthony “Pomp” Pompliano, the founder and partner of Morgan Creek Capital Management, took to the social media to return the favor to the JP Morgan executive.
Pomp, known for his anti-bank, pro-crypto rhetoric, wrote, “Well Mr.Dimon, Bitcoin doesn’t give a s**t about you,” subsequently finishing off his inflammatory statement with a quippy remark and a cheeky smiley face.
Earlier this week Jamie Dimon said "I don't give a shit about Bitcoin."
Well Mr. Dimon, Bitcoin doesn't give a shit about you 🙂
Long Bitcoin, Short the Bankers!
— Pomp 🌪 (@APompliano) October 31, 2018
Joseph Young, a leading cryptocurrency journalist and analyst, noted that contrary to Dimon’s overt statements, he seems to care about Bitcoin greatly. This alludes to the fact that the JP Morgan CEO sees crypto assets as a threat to the classical way of life, which has made him a millionaire many times over.
Jamie Dimon: I dont give a sh*t about Bitcoin! I just dont give a f*ck
Also Jamie Dimon: Anyone that trades Bitcoin will get fired!
Also Jamie Dimon: Bitcoin is a scam
Also Jamie Dimon: I regret calling Bitcoin a fraud
It seems like you very much care about it Jamie.
— Joseph Young (@iamjosephyoung) November 1, 2018
Interestingly, in spite of his anti-Bitcoin sentiment, Dimon seemed open to the idea and concept of utilizing blockchain technologies, or in short, ‘crypto, but not blockchain.’ The representative of the institutional world claimed that the innovation, blockchain technology, is “real,” but, returning to his main point, then added that “Bitcoin isn’t the same as a fiat currency.”
Dimon’s comments bring up a reoccurring theme in the relationship between traditionalistic bankers and crypto innovators, in that the former group is willing to accept blockchain technologies, but still fail to remember that a majority of crypto assets are based on that same innovation.
And as such, many cryptocurrency pundits have claimed that the JP Morgan CEO is only setting himself up for failure, not hedging his bets for the long-term.