by JPMorgan & Chase (NYSE: JPM) CEO Jamie Dimon is one of the financial managers who have been resisting the cryptocurrency sector over the years.
Although Dimon’s attitude has somewhat changed with JPMorgan who now possesses Bitcoin through ETFs, his comments about the death of the sector of the cryptocurrency.
Don’t miss:
What happened: Dimon probably made some enemies in the cryptocurrency sector with its statements seven years ago.
While speaking at the Barclays Global Financial Services Conference on September 17, 2017, Dimon did not stop his criticism Bitcoin (Crypto: BTC) and the cryptocurrency sector.
Dimon referred to Bitcoin as “Dom” and “Dangerous” and went so far to label the leading cryptocurrency as fraud. The JPMorgan director also said that if he caught one of the employees of his company who buy or sell Bitcoin, he “would dismiss them like that.”
Trending: groundbreaking trade app with a ‘buy-now-pay-store’ function for shares, the $ 644 billion margin credit market Here is how you can get with just $ 500
“It’s against our rules, and they are stupid. And both are dangerous,” Dimon said at the time, as reported by Bloomberg.
During his speech, Dimon predicted that Bitcoin would collapse, whereby the rising valuations in the 1600s in the Netherlands were compared with Tulipmania, when the price of bulbs reached new highlights and then collapsed.
“You can’t have a company where people can invent a currency from scratch and think that the people who buy it are really smart. It’s worse than tulip bulbs.”
Dimon predicted at the time that it would not end well for investors.
Trending: During the decline of the market, investors learn that these, in contrast to shares, these High-Yield real estate comments that pay 7.5% pay-9% are protected by resilient assets, buffering against losses.
“It will blow up, China has just kicked them out, someone will lose money somewhere else – don’t ask me to be too short, it can be at $ 20,000 before this happens, but it will eventually blow up.”
Dimon was right that Bitcoin hit $ 20,000, but so far it is wrong with the leading cryptocurrency.
On 12 September 2017, Bitcoin traded as high as $ 4,344.65, the day of the comments from Dimon. An investor could have purchased 0.2302 BTC that day with $ 1,000.
Fast forward to today, and the investment of $ 1,000 in what Dimon said was a fraud and something that would become worthless is worth $ 14,574.14. This represents a hypothetical return of +1,357.41% in the last seven years.
