JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said he would fire any employee trading bitcoin for being “stupid.”
The cryptocurrency “won’t end well,” he told an investor conference in New York on Tuesday, predicting it will eventually blow up. “It’s a fraud” and “worse than tulip bulbs.”
If a JPMorgan trader began trading in bitcoin, he said, “I’d fire them in a second. For two reasons: It’s against our rules, and they’re stupid. And both are dangerous.”Today CNBC is reported almost a complete reversal on bitcoin, and blockchain technology in general:
J.P. Morgan Chase Chairman and CEO Jamie Dimon is backpedaling a bit on his earlier criticisms on cryptocurrencies.
In September, Dimon called bitcoin a fraud. "I regret making" that comment, he said Tuesday on Fox Business.
"The blockchain is real," Dimon added in the interview. "You can have cryptodollars in yen and stuff like that. ICOs ... you got to look at every one individually. The bitcoin was always to me what the governments are going to feel about bitcoin when it gets really big. And I just have a different opinion than other people."This new revelation from Dimon may actually be an indicator to invest not in bitcoin, but in one of it's competitors, Ripple. The reason this may be an indicator is that Dimon represents the banking industry in general. And Ripple is looking like the cryptocurrency technology that banks like.
From The Economics Collapse:
After Bitcoin, can you name the second largest cryptocurrency? Until recently it was Ethereum, but now it is Ripple. At the start of last year, Ripple was trading for less than a penny, and even just a few months ago you could still get Ripple for about 20 cents. But now the price of Ripple has absolutely exploded, and as I write this article it is sitting at $3.15. At this point Ripple has a market cap of more than 120 billion dollars, and those that got in when Ripple was under a penny have seen their investments go up by more than 40,000 percent.
If you can believe it, the price of Ripple is up more than 1,000 percent in the last 30 days alone. So why is Ripple doing so well right now?
Well, many analysts are pointing to the very strong relationships that Ripple has been building with financial institutions…
...There are some that believe that Ripple will eventually surpass Bitcoin simply because it is a better way to send and receive money.It has already been announced that three of Japan's credit card companies have signed up to use Ripple's technology which caused it's price to surge earlier this month.
From Financial Times:
While the surging price of bitcoin has attracted the most attention this year, smaller rival Ripple’s XRP currency has started to close the gap in recent weeks after signing up several big financial institutions to use its technology.
Last week’s announcement that three of Japan’s big credit card companies have signed up to use Ripple’s technology triggered another bounce in the price of XRP, which is up sixfold in the past month and almost 300-fold in a year.With all of this said, one could look at Dimon's recent comments and speculate that big American banks, and financial institutions are starting to look hard at this technology. If that's true, they could possibly implement it with their product offerings. Since Ripple, and not bitcoin is the current favorite of the banking world, all signs point to Ripple as being that technology that banks adopt.
If a lot of the big banks start getting on the Ripple train, hold onto your hats because the price is going to go to the moon!