Bitcoin has sky rocketed recently, breaking record after record and stumping even the most experienced investors, but I guess that happens when a currency is able to double itself seemingly overnight, it's absolutely unprecedented. Bitcoin has been a huge factor in the boom of all crypto-currencies which started the year with a total value of $17 billion and since then there has been more than a ten-fold increase in value of cryptos, sitting on $180 billion.
Jamie Dimon, the chief executive of JPMorgan is adamant that bitcoin is a “fraud” and it will eventually “blow up” and continued by saying that if any of his traders were caught trading in bitcoin he would “fire them in a second”. He seems very hostile towards the whole concept of crypto-currencies, but maybe he is so against it because he loves the current system we have going on. He loves being rich in fiat money and he loves the corruption that this type of money brings, I’d be scared too if I had a horse as big as his in the race. But maybe he is a smart man who knows what he is talking about and all bitcoin investors should not be so smug in assuming that they know better than people that have devoted their lives to the financial sector and all the ins and outs that come with it.
Let me know what you think: is bitcoin in a bubble, will it burst or is it a good time to invest, is Dimon lying to try and salvage an intrinsically broken system that favours the very, very wealthy.
Thank you for reading, I’d love to hear your thoughts and have a good day.