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I hope everyone is having a great week!
On Monday, JP Morgan Chase CEO, Jamie Dimon called Bitcoin worthless for about the 223rd time.
I would like to start off by saying that I believe that Jamie Dimon is a top CEO, and he will do what it takes for a shareholder profit. In fact, I used to bank with JP Morgan Chase before I moved to Fintech companies to support our ecosystem. I believe that they are a good bank in terms of doing their job.
However, Jamie Dimon is completely out of touch with reality and either lies about crypto or is completely oblivious to the moves being made inside his own company.
Jamie Dimon is the definition of Wallstreet Arrogance and Corruption.
In this newsletter, I will outline JP Morgan facts about them and their crypto history along with explaining why Jamie Dimon is wrong about bitcoin.
I highly recommend reading this one all the way through.
Let’s start with the facts:
Since the financial crisis in 2008, Jamie Dimon and JP Morgan have been fined $48 Billion by Government institutions for banking and securities fraud.
In 2020, they were fined another $920 Million for manipulating the precious metals market. However, they were rumored to profit more than $5 billion. (Must be nice)
Under his tenure, they were caught lying to shareholders, investors, and the average Joe for their role in the financial crisis.
Remember, Jamie Dimon told the American people that he was the hero of the Financial crisis and saved the collapse. However, they got fined $13 billion for lying? He wanted this fine hidden from the public.
During the 2020 Covid Pandemic, JP Morgan made $1.5 Billion off overdraft fees. That is a lot of money from people who didn’t have the money in the first place.
During the 2020 Covid pandemic, America was at 14.31% unemployment. Jamie Dimon took a $31.56 million salary.
So what do we have here? We have a clear history of facts that demonstrates Jamie Dimon rather mislead the public for the benefit of his bottom line instead of the actual benefit of the everyday person.
Jamie Dimon and Crypto:
In 2013, Jamie Dimon claimed that Bitcoin was a fraud that is a terrible store of value. He said that cryptocurrency had no future and was a waste of time.
After he made these comments, JP Morgan Chase and Dimon were denied a patent for a Bitcoin clone over 175 times:
“On August 5, 2013 JPMorgan Chase & Co (JPMorgan) filed an application for an electronic mobile payment system which has eerie similarities to the popular online currency Bitcoin. Unfortunately for JPMorgan, all of the claims, totaling 175 claims, as of October 18, 2013, for published US patent application U.S. 20130317984 (the ‘984 application) have been either cancelled or rejected.”
In 2017, Jamie Dimon says all of crypto is worthless and blockchain has no future. However, the word gets out that JP Morgan is working on a secret project.
In 2019, JP Morgan and Jamie Dimon launch their own cryptocurrency.
In 2020, Jamie Dimon publicly attacks bitcoin multiple times as he launches a secret JP Morgan Digital Assets branch to start buying Cryptocurrency for their profit.
In 2021, Jamie Dimon calls Bitcoin worthless for retail investors. Guess what he does next? He opens up a fund for wealthy clients only to invest in crypto.
Jamie Dimon and his corrupt wallstreet friends have spent the past 9 years defrauding the American people while trying to figure out how they can take control over the blockchain technology that threatens their monopoly on the global banking system.
To be clear, blockchain technology and crypto represents an existential threat to the centralized banking systems which has ruled the global economy since 1910.
This is great for me and you but not so good for our buddy Jamie.
These are the facts that makes someone like our good friend Jamie lie to the average joe.
Bitcoin is scarce
There will never be more than 21 million bitcoin. The American Government keeps printing more dollars every single day. My highschool economics teacher, Tom Rinehart, taught me how important the law of supply and demand is. The less of an item, the more it is worth. With Bitcoin, you are instead choosing a network with a predictable issuance and known money supply. With Wallstreet, you are choosing corruption to the highest level and putting your trust in career politicians that are paid by Wallstreet.
Bitcoin is divisible
Anybody can buy $1 or $1 billion of bitcoin. Divisibility makes bitcoin accessible to all and is a deflationary asset. The Dollar loses value 2% each year while Bitcoin gains value almost every year.
Bitcoin is global
Bitcoin has no borders. You can send Bitcoin to anyone at anytime to anywhere in the world. It takes an act of congress to wire money internationally these days.
Bitcoin is Transparent
All market data is available on-chain for anyone to see. Anyone can see the $ that is being sent. However, we are not allowed to see what stocks the Big Banks are buying after hours of the stock market.
Bitcoin is liquid
Bitcoin can be bought and sold anywhere in the world, 24 hours a day, 365 days a year. In 2013, China launched their first crypto ban and the Chinese were able to send their crypto where every they wanted or even sell it. In 2021, China cracked down on anti-communist protestors and their houses/stocks were siezed by the Government.
Bitcoin is long term
Bitcoin is an open-source protocol that has a built in cycle: as the network grows, developers are incentivized to build on top of it which, in turn, further strengthens the network.
I believe that it is time to stop listening to people like Jamie Dimon and his corrupt friends on Wallstreet. We need to start turning to leaders like Michael Saylor, Brian Armstrong, Jack Dorsey, Elon Musk, and Jack Mallers to name just a few.
The everyday person works their ass off from 9-5 to make their life better for themselves and mainly their family. They want to make investments that can expedite their chance at the American Dream. However, we have frauds like Jamie Dimon that will lie to the everyday person just so they can get another house in the Hamptons.
We have to keep spreading the word and helping each other.
Have a great rest of the week!