The Irony of a Billionaire’s Hatred for Bitcoin

Bitcoin

When it comes to Wall Street heavy hitters, Jamie Dimon is one of the biggest. He’s the CEO at JPMorgan.

You remember JPMorgan right?

No?

OK, here’s a refresher.

JPMorgan is the bank that helped create those really complex mortgage bond products in the 2000s. JPMorgan was one of the crooked banks that then packaged them up, bundled them together and created Collateralised Debt Obligations (CDOs).

JPMorgan was one of those banks that fraudulently engineered those products. And they were one of the kingpins of the entire 2008 debt crisis, the housing collapse in the US, and the global market crash.

JPMorgan was one of those banks that were ‘too big to fail’. Except on the brink of extinction they sat. That is until the taxpayer bailed them out. That’s right, the taxpayer. The average person helped bail out these Wall Street crooks. But did they get a choice? No. Central powers — friends of Wall Street, the government — made that decision for them.

And while taxpayer money bailed out banks like JPMorgan, who do you think was left to pick up the pieces? Who do you think was hit hardest by the debt crisis, the recession, and the housing collapse? Who was left in the wake of it all, while the likes of Dimon escaped unharmed?

Was it the bankers and the fraudsters, the ones who started the mess? No. Sure a few might have lost jobs. The million dollar bonuses dried up, for a year or two.

But did they really suffer? After creating one of the biggest financial crises in history. Do you reckon fat cats like Dimon really had anything to answer for? Of course not. That’s not how the system works.

Come see us if you get the sack Jamie

Remember, these guys operate on a level that you’ll never get to. It’s also a level you probably don’t want to get to. Sure, the money would be nice. Dimon is, after all, a billionaire. But the decisions many of them make to screw over the average person in order to boost bank profits and their own bonus cheques…well, you’ve got to have certain ‘character’ about you to be up there.

After all the damage created by banks like JPMorgan, you’d think perhaps they’d be open to ways to help the average person claw back some wealth. You’d think. But that’s not the reality of the system.

This ‘system’ I refer to by the way is the financial system. Bond markets, currency markets, stock markets — it’s all rigged in the favour of the uber-wealthy, the Wall Street elite, the 1%. And if you think they have anyone’s interests at heart other than their own, you’re gravely mistaken.

‘Dog eat dog’ is a phrase you often hear. Well that’s the exact attitude that got the world into all its mess in 2008. And it’s the same attitude that will make it happen again.

We know nothing’s changed in the ivory towers at JPMorgan because of recent comments by Dimon. At a conference this week Dimon was talking about bitcoin. He said, ‘It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed

Dimon continued to claim the cryptocurrency ‘won’t end well’. And even had the audacity to say he’d fire any JP Morgan employee caught owning bitcoin.

I’d fire them in a second,’ he said. ‘For two reasons: It’s against our rules, and they’re stupid. And both are dangerous.’

What slid under the radar with Dimon’s comments was JPMorgan trading revenue was down 20% year-over-year. Meanwhile, Bitcoin is up around 315% this year alone.

The irony to Dimon’s comments is he’s part of why bitcoin even exists. JPMorgan is part of the reason bitcoin is so successful. The whole rigged, broken financial system is exactly why the future of money is bitcoin and crypto. And there’s nothing Dimon or any of his cronies can do to stop it.

You cannot cheat the blockchain

Bitcoin’s origins date back to its development in 2008 and subsequent genesis block in January 2009. It’s mysterious creator, Satoshi Nakamoto, is most likely a collection of people. Maybe two or three. The truth is, we may never know.

But that’s how it should be. There is no ‘head’ of bitcoin. There is no CEO. There is no central authority. Bitcoin isn’t a totalitarian organisation. It’s free and liberated, for everyone to access and use.

Bitcoin is for everyone. And it has the potential to create wealth for everyone. You don’t have to be one of Wall Street’s elite. You don’t have to be a billionaire. You don’t even need much money.

You do need a computer. That’s all it takes to get bitcoin.

As for the comments about it being a fraud? Well, bitcoin’s been around for nine years now. It’s a legitimate medium of exchange. You can use it to buy goods and services. You can use it to pay bills. You can get paid in it, and you can build wealth with it.

And because it has no centralised authority it cannot be a fraud. The technology it’s built on, the blockchain, prevents it from being a fraud. It’s impossible to cheat the blockchain.

These are all aspects of bitcoin which make it incredibly powerful. It decentralises the monetary system to everyone. It takes power and control away from the elites like Dimon. It prevents influence from central banks or government.

Everything that bitcoin is about puts Wall Street and its gravy train at risk. And that must terrify the like of those in power. They’ll never admit it, but without financial power they have nothing.

The decentralisation of power caused by Bitcoin

Bitcoin and other cryptocurrencies are a power revolution. They represent the decentralisation of political, financial and social power.

It just happens to be facilitated through a monetary digital protocol. But even then a lot of crypto aren’t really ‘money’. Many have other purposes. But most, if not all, are advanced networks that distribute previously centralised power out to individuals.

Part of the reason why we’re even having this conversation is the average person is sick to death of not having influence over their world. They’re sick of others making decisions that affect their daily lives. They’re sick of the greed and excess others enjoy at their expense.

Bitcoin and crypto swing that balance of power. The likes of Dimon can’t see it through their own biases. And they may well continue to be anti-bitcoin. Time and time again, they’ll be wrong about it.

It is not a fraud. It is not tulip bulbs. It is an existential threat to Wall Street’s livelihood. It’s a threat to the rigged system. Bitcoin and cryptocurrency is a revolution, and it’s happening now.

It’s a revolution that is still in its early days. But it’s a revolution that will last our lifetime, and the generations that will follow us. This is a moment when the world changes, for the better. But some won’t see what’s happening right underneath their noses.

Regards,

Sam Volkering,
Editor, Secret Crypto Network

Sam Volkering

Sam Volkering is Editor for Money Morning and its small-cap, cryptocurrency and technology expert. Find out what he has to say here with all his latest articles.

Leave a Reply

Be the First to Comment!

Notify of
wpDiscuz