Jamie Dimon Says that Bitcoin is Fraud About to Blow Up

Jamie Dimon Says that Bitcoin is Fraud About to Blow Up

Jamie Dimon, the Chase CEO and Tufts alumnus, blasted bitcoin today saying it is a fraud that will eventually blow up.  

Bitcoin has enjoyed a tremendous run and may or may not be due for a significant pullback.  It, however, is not likely a fraud and is unlikely to blow up. 

In fact, bitcoin is clearly emerging as a currency free of federal regulations and central banks.  Unlike Dimon, I and many others know that bitcoin is here to stay and its value will ultimately be many times higher than it is today.

A bank CEO like Dimon is entirely married to the current system and unable to see beyond his nose and to understand what is materializing in financial circles outside of his own bulwark.  While many tertiary bitcoin-like currencies will prove to be worthless in time, bitcoin itself is emerging as a measure of value that the major banks will need to adopt and accept over time. It’s just plain obvious that it is a twenty first century currency soon to challenge in a big way centuries old currencies. 

Ari Socolow
Ari Socolow: Ari Socolow is the Chief Economist and Editor-in-Chief at BestCashCow. He is particularly interested in issues relating to financial literacy and bank transparency. Since co-founding this website in 2005, Ari has been frequently cited in the media as an expert on local and national savings accounts, CD products, mortgage and loan products and credit card rewards products.
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