There is a certain measure to every word. The meaning is well beyond the simple construct of the sentence. The words are agonizingly chosen and put together to have the maximum intended impact. This is well known to all who in any position have to speak to public repeatedly. Of course Mr Dimon's words must also reflect the Central bank sentiments. Timing these words are essential.
There is no doubt that Bitcoin is a fraud. In a world of fraudulent currencies, it may be the knight in shining armor. " Fraud" is not a bad argument for Bitcoin when the proponents of Bitcoin labeled fiat currencies as fraud because they weren't backed by anything.
Mark my words. China will not be the only country to shut down exchanges. It will also allow back exchanges with regulations in place. No one believes that they can stop cryptocurrency. Anyone believing that should look at the dark web. Enough said. So the central bankers and the governments have their work cut out for them.
DHS funded three companies recently:
"Here are the companies that got funds for their blockchain-related initiatives:
BlockCypher: The startup has been awarded a grant for its "blockchain platform for multiple blockchains, applications and analytics. BlockCypher was the recipient of a $600,000 DHS grant last summer.
Digital Bazaar: According to DHS, the company is working on a "verifiable claims project" that utilizes "fit-for-purpose distributed ledgers". Like BlockCypher, Digital Bazaar was given a DHS grant in 2016.
Evernym: This Utah-based business will use the funds to support its research into "decentralized key management using blockchain", according to DHS."
(Source for quoted text is coindesk).
The governments should eventually be able to control cryptos to a great extent and they will likely be the ones profiting most from it. The key will be to control a lot of Bitcoin. So there is the need to buy a lot of Bitcoin. When the price is brought down and then you see a big jump, guess who bought it.
I would suggest to small investors, 100 bitcoins or less, to just sit back and not panic. There will be a lot of fluctuations but long term prices should go up, probably astronomically. Bitcoin is not forever. But there is no reason to sell at a loss. Keep your sell points in mind and hold on to them. Sell only for a profit. Volatility will plague cryptocurrency and you will be able to buy again. Again this is not a good time to sell even if the price drops further.
I remain a non believer in cryptocurrency but I am not a non believer in profits. To small bitcoiners: you have to have guts of steel when you invest and don't get me wrong as sometimes you have to accept losses. But you are wrong if you think you have to take a loss now in Bitcoin.
