Jamie Dimon has offered unmerited judgment on bitcoin for a long time, calling it an air pocket, a cheat, and an illegal tax avoidance apparatus. This week, amusingly, JPMorgan was broken down for tax evasion, subsequent to being fined $4 billion for contract extortion in September, simply two months prior.
Dimon and JPMorgan Criticized
Since mid 2016, JPMorgan and its CEO Jamie Dimon have concentrated on endeavoring to popularize and advertise the term ‘blockchain” to rival bitcoin. The organization has seen scarcely any accomplishment with its blockchain innovation “Majority,” which was produced by the JPMorgan improvement group inside the Enterprise Ethereum Alliance (EEA).
Understanding the absence of potential, relevance, and business accomplishment of permissioned blockchain innovation, Dimon started to adopt an alternate strategy; by straightforwardly censuring bitcoin, in spite of the brutal reactions of exceedingly regarded financial speculators and specialists, for example, Apple prime supporter Steve Wozniak, noticeable investor Chamath Palihapitiya, and tycoon fence investments legend Mike Novogratz.
In light of Dimon’s remarks, Wozniak accentuated that bitcoin is the most real framework that exists, since it is decentralized, straightforward, and works on a shared system that is restriction safe. Wozniak expressed at the Money2020 meeting:
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.
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 dishonestly blamed bitcoin for being an illegal tax avoidance device prior this year. At that point, JPMorgan was fined $4 billion for submitting contract misrepresentation, and has been busted for tax evasion.
Today, amusingly, driving Swiss day by day news distribution Handelszeitung announced that the Swiss auxiliary of JPMorgan was charged by the Swiss controller, FINMA, for illegal tax avoidance and “genuinely damaging supervision laws.”
Consequent to incorrectly depicting bitcoin as a false budgetary system, JPMorgan and Jamie Dimon have been uncovered of two noteworthy embarrassments and fake operations.
Different examinations since 2016 have demonstrated that the dominant part of recent college grads feel disengaged from the keeping money area and don’t confide in major monetary organizations with their riches, capital, and venture. The pietism and the conceitful idea of significant banks and monetary specialist co-op will just outcome in the end of the fund business in the long haul, as decentralized systems keep on rendering go-betweens out of date.
False allegations and portrayals of bitcoin by Dimon and other bank officials will just rush the standard appropriation of bitcoin and the relocation of riches from the conventional fund area to decentralized digital forms of money, for example, bitcoin.