Surprised by the sudden air pocket below bitcoin? Curious if this was caused by some new, unconfirmed Chinese crackdown on bitcoin traders, exchanges, and other money laundered? No, the answer is Jamie Dimon, who in a angry outburst during the same conference in which he preannounced JPM"s 20% trading revenue drop, lashed- out at the crypto currency, calling it a fraud, "worse than tulip bulbs", says it "won"t end well" and will "eventually blow up", and that "any trader trading bitcoin" will be fired for being stupid.
- DIMON: BITCOIN IS A FRAUD
- DIMON: BITCOIN IS WORSE THAN TULIP BULBS
- DIMON: BITCOIN WILL EVENTUALLY BLOW UP
- DIMON: BITCOIN WON"T END WELL
- DIMON: WOULD FIRE ANY TRADER TRADING BITCOIN FOR BEING STUPID
But how does Jamie really feel?- Of course, if "a trader" bought $100,000 of Bitcoin several years ago, they would now be richer than Jamie, but that"s another story.
What is more surprising, is that bitcoin actually reacted to this outburst by the JPM CEO, sliding sharply, and dragging the entire cryptocurrency space with it. Or perhaps not surprising at all as hundreds of volatility-starved JPM traders quietly liquidated their accounts moments after hearing Dimon"s threat:
As for Dimon"s personal vendetta with the digital currency, one twitter commentator said it best:
BTC bulls: proof that "we" are a threat to the establishment + Gandhi quote
BTC bears: see? https://t.co/e2ZCmjKi3C
— Barbarian Capital (@BarbarianCap) September 12, 2017
In any case, we now have the Dimon bottom in bitcoin too. Let"s see how fast until it, too, is filled, metaphorically speaking...