Jamie Dimon has offered baseless condemnation on bitcoin for many years, calling it a bubble, a fraud, and a money laundering tool. This week, ironically, JPMorgan was cracked down for money laundering, after being fined $4 billion for mortgage fraud in September, merely two months ago.
Dimon and JPMorgan Criticized
Since early 2016, JPMorgan and its CEO Jamie Dimon have focused on attempting to commercialize and market the term ‘blockchain” to compete with bitcoin. The company has seen hardly any success with its blockchain technology “Quorum,” which was developed by the JPMorgan development team within the Enterprise Ethereum Alliance (EEA).
Realizing the lack of potential, applicability, and commercial success of permissioned blockchain technology, Dimon began to take a different approach; by directly condemning bitcoin, despite the harsh criticisms of highly respected venture capitalists and experts such as Apple co-founder Steve Wozniak, prominent venture capitalist Chamath Palihapitiya, and billionaire hedge fund legend Mike Novogratz.
In response to Dimon’s comments, Wozniak emphasized that bitcoin is the most legitimate system that exists, because it is decentralized, transparent, and operates on a peer-to-peer network that is censorship resistant. Wozniak stated at the Money2020 conference:
“Bitcoin is mathematical. I am a mathematician. There are only 21 million. It is more legitimate than other systems. There is a certain finite amount of bitcoin that can ever exist. Gold gets mined and mined and mined. Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics.”
In spite of criticisms from experts, Dimon continued to push through with his agenda and condemn bitcoin publicly, while JPMorgan traders and their clients have invested in bitcoin through the Swedish stock market Nordic Nasdaq.
Dimon Falsely Accuses Bitcoin of Being Money Laundering Tool
Dimon falsely accused bitcoin of being a money laundering tool earlier this year. Then, JPMorgan was fined $4 billion for committing mortgage fraud, and has been busted for money laundering.
Today, ironically, leading Swiss daily news publication Handelszeitung reported that the Swiss subsidiary of JPMorgan was charged by the Swiss regulator, FINMA, for money laundering and "seriously violating supervision laws."
Subsequent to inaccurately portraying bitcoin as a fraudulent financial network, JPMorgan and Jamie Dimon have been exposed of two major scandals and fraudulent operations.
Various studies since 2016 have shown that the majority of millennials feel disconnected from the banking sector and do not trust major financial institutions with their wealth, capital, and investment. The hypocrisy and the conceitful nature of major banks and financial service provider will only result in the demise of the finance industry in the long-term, as decentralized networks continue to render intermediaries obsolete.
False accusations and depictions of bitcoin by Dimon and other bank executives will only hasten the mainstream adoption of bitcoin and the migration of wealth from the traditional finance sector to decentralized cryptocurrencies such as bitcoin.
Featured image from Shuttestock.