Bitcoin, Sour Grapes and Jamie Dimon
Bitcoin, Sour Grapes and Jamie Dimon by Charles Hugh Smith – Daily Reckoning
Institutional ownership of bitcoin is in the very early stages.
If I had a bitcoin for every time some pundit declared bitcoin is a bubble, I’d be a billionaire. There are three problems with opining that bitcoin and cryptocurrencies are bubblicious:
- Everything is in a bubble now: stocks, bonds, housing, heck, even bat guano is bubblicious. Exactly what insight is being added by yet another guru repeating the BTC is a bubble meme?
- What’s the value proposition in declaring BTC is in a bubble? Spotting bubbles is like shooting fish in a barrel; the value proposition is in identifying the price/time tipping point at which bubbles pop.
- Declaring bitcoin is a bubble is starting to sound like sour grapes. Sour grapes defined: those who missed the 10-bagger (never mind the 100-bagger) feel better by dismissing the whole thing as a fad and a bubble, but as BTC continues marching higher, it looks like they missed the boat but are too proud to admit they didn’t grasp the significance of cryptocurrencies and BTC in particular.
Take J.P. Morgan CEO and President, Jamie Dimon.
He came out recently and called Bitcoin a fraud.
Well, here’s a quick question for you, Mr. Dimon: which words/phrases are associated with you and your employer, J.P. Morgan?
Looting, pillage, rapacious, exploitive, only saved from collapse by massive intervention by the Federal Reserve, the source of rising wealth inequality, crony capitalism, privatized profits-socialized losses, low interest rates = gift from savers to banks, bloviating overpaid C.E.O., propaganda favoring the financial elite, tool of the top .01%, destroyer of democracy, financial fraud goes unpunished, free money for financiers, debt-serfdom, produces nothing of value to society or the bottom 99.5%.
Jamie, if you answered “all of them,” you’re correct.
The only reason you have a soapbox from which you can bloviate is the Federal Reserve saved you and your looting machine (bank) from well-deserved oblivion in 2008-09. That, and the unprecedented, coordinated campaign by global central banks to buy trillions of dollars of bonds and stocks.