An article on The Guardian was posted September 13, 2017 and is about one surprising fact: Bitcoin is a scam. JP Morgan boss stated: ''cryptocurrency is only fit for use by drug dealers, murderers and people living in North Korea''.
This comment makes me think on how we were seeing cryptocurrencies back in 2009 when it all began. At that time uncertainty was present for sure because it was a totally new concept and only some specialist or at least investors to nerds knew about it.
But now we are in 2017 and stating that cryptocurrencies are only there for criminal is totally false. In fact, if we are looking at the Ethereum & Stratis project, it is the proof against is statement, because it is a system that is use by company like Microsoft to solve issue with some of his system and now have been implemented at different level.
Jamie Dimon is also making another comment completely off from reality: ''he would fire in a second anyone at the investment bank found to be trading in Bitcoin. For two reasons: it’s against our rules, and they’re stupid. And both are dangerous.'' To be honest with my reader, I am currently trading with Bitcoin and I think that it is a good way to earn revenue, because by holding them and growing your balance, when the price goes up you can double or even do more profit than what your trade are in reality. As an example if you succeed to do with a relatively small balance a grow of around .1% to .5% daily and the price of Bitcoin double, then your profit would only grow. If we do the calculation since 2013, the price of Bitcoin raise of 2.5% daily in average witch is by the fact a relatively easy way to become rich.
I think that he probably turn off some investors by is status because we saw a down price since the announcement, but we were already facing a phase of resistance after it reach around $5000. But seriously, he really thinks that a market cap of $137,667,753,857 is a scam with is blockchain, then if it is, we are going see that in American Greed and it will be consider one of the biggest scam in the history of men.
Therefore, we all know that if he would do just a little bit more of research he would understand the concept and therefore should not have made that statement. Anyway I think that it is a strategy to invest in it and make some extra money with the down price of right now.
Sources:
https://www.theguardian.com/technology/2017/sep/13/bitcoin-fraud-jp-morgan-cryptocurrency-drug-dealers
https://coinmarketcap.com/
https://www.jpmorgan.com/