On October 12, JP Morgan CEO Jamie Dimon told CNBC that he had finished talking about bitcoins and that it was basically irrelevant to him. However, Dimon will not be silent about bitcoin as the bank executive described bitcoin investors as "stupid" and will one day "pay the price."
Jamie Dimon recently called bitcoin a "fraud" and the bitcoin markets saw a correction the next day derived from the Chinese currency closures. Interestingly, JP Morgan Securities Ltd. bought a lot of traded notes based on bitcoins during the decline. Then, this Thursday, Dimon was recorded by the CNBC news media saying: "I would not put this in the category of important things in the world, but I'm not going to talk about bitcoin anymore". Then JP Morgan's Marianne Lake CFO said: "We have an open mindset for digital currencies that are properly controlled and regulated." However, according to CNBC after these statements, the next day at the conference of the Institute of International Finance, Dimon had some words of choice for bitcoin investors.
Dimon explained to the attendees of the event: "If they are stupid enough to buy it, they will pay the price for it someday".
The decentralized currency has been on a record high all year surpassing most shares, currencies issued by the state and commodities. Despite the increase in prices, Dimon is not interested in the market value of Bitcoin. "The only value of Bitcoin is what the other guy will pay," explains Dimon.
"Honestly, I think there's a good chance that buyers are there by hanging out every day so that they may also buy it and take it away from them. I could care less for what Bitcoin negotiates, how it negotiates, why it trades, who negotiates it. If they are stupid enough to buy it, pay the price someday. I've also told people that they can trade at $ 100,000 before they change to zero. The Tulip Bulbs was negotiated for $ 75,000 or something like that. Who cares about Bitcoin? The world economy is so big. "
Dimon said that "every day, he has coverage of CNBC, bitcoin without interruptions" and explains that the bitcoin markets are a peanut in his eyes. The executive continued saying that people are good enough to manipulate the press and pump bitcoins. "JP Morgan alone, $ 6 billion, we moved all this money, and bitcoin in total, all these currencies, $ 50 billion dollars, maybe a billion dollars in transactions a day."
Although Dimon said he would no longer talk about bitcoin, he had a lot to say about the currency. "When I made that 'stupid statement' by calling Bitcoin a fraud, my daughter sent me an email that said, 'Dad, I have two bitcoins.' ... My ex-smart daughter," Dimon concluded.
