JPMorgan CEO Jamie Dimon Predicts Bad Ending for Bitcoin
There are forward thinking banks embracing Bitcoin and the Blockchain Technology on which it resides. Apparently JPMorgan Chase is not one of them.
JPMorgan CEO Jamie Dimon was the latest executive to weigh in with their opinion on the world's most popular cryptocurrency.
"It's worse than tulip bulbs. It won't end well. Someone is going to get killed," Dimon said about Bitcoin.
Obviously Dimon doesn't think it has a future as he referenced tulips that at one time during the Dutch Golden Age in the 1600s were worth more than gold. At one point before crashing in value, tulips traded for more than 10 times a typical workers annual income.
Currently Bitcoin, a currency with a finite supply, trades around $4200. If the average American family makes around $55,000 per year, then Bitcoin would need to trade at over half a million dollars to be a similar comparison.
Could Dimon's comments signify something else perhaps? There are those in the crypto camp that believe he's concerned Bitcoin might be a bigger threat to banks than he wants to admit. Here's a recent tweet from the CIO of BlockTower Capital, Ari Paul:
I sometimes worry about bitcoin at night. There is some comfort in thinking that every night, we are getting closer to the moon.