Bitcoin took a big dive after JPMorgan's Dimon labeled it as fraud. Such a labeling is not only irresponsible but full of stupidity. It clearly showed Dimon's lack of understanding of benefits of utilizing blockchain technology associated with Bitcoin.
Dimon being one of the well-known CEOs on Wall Street nonetheless did not have a strong technical background. Bitcoin's rise has many facets including lower transaction fee, faster payment, removal of middleman, and integration with latest payment technologies.
Bitcoin's adoption base is growing exponentially as more merchants adopt it. Tesla has accepted payments for its luxury electric cars, Dubai real estate developer is accepting Bitcoin payment for real properties, U.N.'s usage to reduce fraud, and Japan and South Korea's wide adoption of bicoins for various merchants.
Bill Gates is a strong believer in bitcoin (see the following video):
Leading U.S. bitcoin exchange Coinbase added 1 million new accounts in one month in June 2017. That brings the company up to a total of 8.4 million user accounts. Around 4 million of those have been added in the past 18 months.
Bitcoin has seen tremendous growth in transaction volume, and the trend is likely to continue to disrupt our daily lives.
Jamie Dimon's mislabeling of Bitcoin is not only irresponsible but also shows his lacking of understanding of Bitcoin and other digital currencies.
Bitcoin investor, traders, customers, and merchants, we should work together and show Dimon that he is incredibly wrong and stupid on his irresponsible, and immature conclusion.