Are you having fun on the crypto rollercoaster yet?
Did you get spooked and lose your position?
Were you one of the brave souls who bought the dip?
We could talk all day about what specifically caused the price movements this past week. Was it the rumor about China banning Bitcoin for good followed by the closing of the Chinese exchange BTCC? Perhaps it was the choice quote by Jamie Dimon of JP Morgan Chase calling Bitcoin a fraud- which is something he likes to do just about once a year.
Let’s take a better look at JP Morgan and their views on Bitcoin.
In case you missed it, Jamie Dimon, the CEO of JP Morgan gave an interview where he described Bitcoin as a fraud and then went on to describe how governments create currencies and control them through central banks. He then lists illicit activity as a reason that governments would make the move to shut cryptocurrencies down.
For the average viewer of CNBC I’m sure these few sentences would have sounded perfectly logical. But if you take a step back and look at the real facts and the reality of how fiat money is produced and is constantly used for the same exact illicit purposes, this same argument could be used to prove that Quantitative Easing is mighty difficult to defend.
He also said it was a good way to make some money for the next few years.
It is interesting and important to point out that right after this interview was broadcast the price of bitcoin and most other crypto currencies went into the red.
Now whether or not his words influenced this price movement or not, the fact is that JP Morgan’s clients bought Bitcoin during this most recent dip. You can look at this in a number of different ways, but what stands out to me most is this: Everyone wants to make some money, these giant corporations, their clients and the government especially wants to make money. The government just prints it, and JP Morgan will happily invest their clients in a cryptocurrency that the CEO had just announced to be a fraud. Whether they intended to or would even be able to cause a drop in price or not,
JP Morgan bought the dip.
Let this be a lesson for those who need the reminder that actions speak louder than words.
There are a couple different types of people who get involved with cryptocurrency, those who are in it just to speculate, hoping to make some quick money, and those whose philosophies regarding government control have led them to the freedom that cryptocurrencies can provide.
It’s pretty interesting to me seeing the switch within the general public over the years, from once valuing privacy and true freedom to now identifying those who value privacy and freedom as criminals who obviously have something to hide.
Why is there so much faith in an entity that only exists to control and take the money from its citizens?
What happened to the faith in the individual?
Is it because in school we weren’t encouraged to think for ourselves? Because we had to follow the rules set by the “powers that be”?
If this is the case, then consider Bitcoin a friendly invitation to challenge that notion and be thankful you live in a time when this technology is coming to fruition.
Bitcoin legitimately takes time, resources and money to produce.
It enables individuals to take true control of their finances. Bitcoin and other cryptocurrencies enable individuals to have a voice through governance mechanisms.
Cryptocurrency removes the third party we thought we needed to store our hard earned money under false pretenses of security to only use it to lend out to others by way of fractional reserve banking. Bitcoin lets you be your own bank, it does not require government control and is a testament to what individuals can achieve when they think for themselves instead of big brother.
If you want to watch the video of Jamie Diamond’s interview and of John McAfee’s rebuttal, check the links down below.
Additional Reading/Sources:
Jamie Dimon CNBC Interview
John McAfee Rebuttle
Quantitative Easing
Fractional Reserve Banking
JP Morgan Fraud
Fortune Magazine Article
JP Morgan Ties to Cryptocurrency
Rumors of Chinese ban of BTC
BTCC Closing