The Irony of JPMorgan’s Jamie Dimon calling bitcoin ‘a fraud’, ‘worse than tulip bulbs’

Gandhi once said, "first they ignore you. Then they laugh at you. Then they fight you. Then you win." Jamie Dimon's recent derogatory statements about Bitcoin may be an indication that Bitcoin is getting closer to mass adoption. Let's consider the immense irony and hypocrisy of Jamie Dimon throwing around the word "fraud" so carelessly. Below are a few recent examples of JP Morgan's own reckless and fraudulent behavior, accounting for approximately $500 billion, since the 2008 financial crisis alone.

In March of 2008, early on in the financial crisis, JP Morgan got $12 billion in bailout money from the Federal Reserve Bank. In the aftermath of this global crisis, the mega bank benefitted from approximately half-a-trillion dollars in low-cost federal loans -- including $25 billion in TARP funds and “untold billions indirectly through the bailout of AIG that helped address JP Morgan's massive exposure in repurchase agreements and derivatives.”

In order to avoid criminal prosecution, JPMorgan Chase paid a $13 billion civil settlement with the Justice Department for its own fraudulent mortgage lending practices in November of 2013. For example, in the years before the 2008 crisis, JP Morgan was one a many large involved in securitizing subprime loans and selling them to government-sponsored mortgage finance companies Fannie Mae and Freddie Mac (watch "The Big Short")

As a result, Fannie Mae and Freddie Mac, and the private investors who purchased mortgage backed securities--ended up losing money as borrowers were unable to make their mortgage payments.