Bitcoin Success Threatens Bankstars, Jamie Dimon Calls Bitcoin Investors Stupid

Jamie Dimon is finding it difficult to ignore Bitcoin. A day after stating that he would not talk about Bitcoin, he breaks his silence to emphasize that stupid bitcoin investors will pay the price.

The Greater Fool Theory

The central theme of Jamie Dimon’s renewed attack on Bitcoin is that it is a bubble, where the underlying asset has no value. So although certain people will profit because they manage to sell their Bitcoin to late investors (the 'greater' fools), the end result will definitely be a crash. The oft-repeated comparison with the Tulip Mania was made to support his point.

Bitcoin Threatens the "Establishment" as Richest Saudi Prince Issues 'Fatwa' on Bitcoin

Richest Saudi Prince Says Bitcoin Will Collapse Like Enron.

In the land of countless princes and billionaires, prince Alwaleed bin Talal may be the richest of them. He's the grandson of the founder of Saudi Arabia, King Abdulaziz Alsaud. Based on Forbes, he's the 45th richest man in the world. Through his venture Kingdom Holding Co, he holds stakes in a number of companies including Lyft, Twitter, Citigroup and even the Savoy Hotel in London.

He'd built a reputation for himself being an early-stage investor in technology companies like Twitter and AOL, but appears to have missed the Bitcoin plane. He once was involved with controversy after being accused of exaggerating his wealth to make it to the set of Forbes top 10 billionaires.

Agrees With Jamie Dimon

Speaking on CNBC's Squawk Box, the prince said:

“I don't believe in this Bitcoin thing. I think it will probably implode one day. I believe it is Enron in the making.”

Notwithstanding his reputation being an early-spotter of new and successful technology trends,  the prince stated that the possible lack of a centralized governing authority was exactly why Bitcoin's failure is certain. He's much in accordance with Chase CEO Jamie Dimon for the reason that regard.

“It doesn't make any sense. It's not under the supervision of the United States Federal Reserve or some other central bank. I don't rely on it at all. I'm in agreement with Jamie Dimon.”

Why Enron?

Enron was a textbook case of fraud - a business using accounting loopholes to provide an inaccurate picture, auditors conniving with management and a Board blind to the faults of the managers and executives. Caused by this systemic fraud was the bankruptcy of Enron and the dissolution of Arthur Andersen, that was one of many five largest audit firms on the planet at that time.

You will find hardly any similarities between a fraudulent company and a decentralized currency. The prince apparently believes that Bitcoin's price will collapse, as Enron's share price collapsed from $90 to under $1.

Bitcoin Threatens the " Establishment "

What Jamie Dimon and Prince Alwaleed don't realize (or don't desire to realize) is that being beyond your control of a main governing authority isn't Bitcoin's weakness, but its strength. We've seen authoritarian governments, including China, attempt to muzzle Bitcoin by turning off exchanges and proposing stringent regulation. Bitcoin threatens the establishment by letting people take control of their own money. It's no surprise that Wall Street royalty and Middle Eastern Princes feel threatened enough to bring it down.
 BuyBitCoinsInNigeria Blog

Jamie Dimon Comments on Bitcoin Yet Again, Says He Doesn’t Give a Sh*t About It

On the eve of the 10th anniversary of the Bitcoin (BTC) white paper, Oct. 30, JPMorgan CEO Jamie Dimon found himself speaking yet again about the leading cryptocurrency, notwithstanding his track record of attempts to extricate himself from the debate.

As CNBC reported Oct. 31, Dimon made his “reluctant” comments at the Axios conference in Los Angeles on Tuesday. Referring to his now-notorious statement that Nakamoto's invention is little more than a “fraud,” the CEO told the audience:

Bitcoin Price Drops After JPMorgan CEO Harsh Rhetorics

JPMorgan CEO Jamie Dimon has continued his anti-Bitcoin rhetoric saying it is “worse than Tulip Mania” and only for “drug dealers.”

Speaking at a New York conference, Dimon, who is famous for his Bitcoin criticism, added he would “fire in a second” anyone at his firm trading the virtual currency.

Bitcoin breaks through ₦2.16 Mln ($6k), Market Cap Now Exceeds ₦36 Trillion ($100 Billion)

Bitfinex, the greatest volume BTC/USD exchange, broke the ₦2.16 Mln ($6,000) barrier earlier today and has been joined by all the major exchanges. At press time, the price tag on Bitcoin had reached ₦2.16 Mln ($6,041) according to Coinmarketcap.com, causing its market capitalization to exceed ₦36 Trillion ($100 bln) for the first time ever.

Bitcoin goes haywire, blows Past ₦5.096 mln ($14,000) to Post ₦910k ($2,500) Single Day Gain

Today Bitcoin surged past ₦5.096 mln ($14,000) level, topping out at ₦5.241 mln ($14,400) for a ₦910k ($2,500) gain within a day. This makes today the biggest one-day gain in the annals of the currency. To place it in perspective, today Bitcoin's price increased by more twice around it's 2013 all-time a high of ₦400K ($1,100). One Bitcoin is now able to buy significantly more than 11 ounces of pure gold.

Bitcoin on its way to another level– as grandpa buys in, leftists say: ‘What’s bitcoin?’

by Ramin Mazaheri for the Saker blog

Some are talking of “fear and euphoria” in the crypto-currency world, but what’s to fear?

Last month Bitcoin’s multi-year existential crisis was surprisingly resolved with only a couple days of panicking.