Jamie Dimon Is the Reason Why the Current Banking System Is Flawed. Bitcoin Fixes This. | by Sylvain Saurel | Oct, 2021

Sylvain Saurel

Don’t trust the bankers, verify by yourself why Bitcoin is a monetary revolution.

Illustration by Sylvain Saurel

Aged 65, Jamie Dimon is the very prototype of the banker who led Satoshi Nakamoto to create Bitcoin. In the world of banking, we can say that Jamie Dimon has made a brilliant career since being CEO of JPMorgan for fifteen years, he managed to become a billionaire.

Jamie Dimon is indeed one of the few banker CEOs who are in the club of billionaires.

A pure product of the American banking system, Jamie Dimon has never really liked Bitcoin. That’s the least we can say. However, he never stops giving his opinion on Bitcoin whenever he gets the chance.

Of course, it is primarily for him to criticize what he named in 2014 a “terrible store of value”. In 2015, Jamie Dimon then bet on the imminent death of Bitcoin.

The following year, since Bitcoin was still around, Jamie Dimon changed his tune while remaining very critical: “Bitcoin is going nowhere”. Once again, Jamie Dimon failed, as he lacks the foresight of a banker of this level.

Or maybe it is rather the fear of becoming obsolete that guides Jamie Dimon in his criticism.

In 2017, when the price of Bitcoin had just reached $2K in early September, Jamie Dimon felt compelled to say that “Bitcoin is a scam”. It was clear to him that this fraud would only go so far.

Once again, Jamie Dimon was wrong, as a few weeks later Bitcoin reached an ATH (All-Time High) very close to $20K. Interviewed at the beginning of 2018, Jamie Dimon seemed rather annoyed that Bitcoin was still valued well above $10K:

“I don’t really give a shit to Bitcoin.”

Although very critical of the Bitcoin and cryptocurrency world, Jamie Dimon pushed for the creation of a digital currency made in JPMorgan. That’s where JPMCoin was born in 2019. As always with Jamie Dimon, just because the industry has no future (according to him) doesn’t mean you shouldn’t try to make a profit in it.

Whenever there’s money to be made, you can be sure you’ll find bankers nearby.

JPMCoin is more of a competitor to Ripple’s XRP since it is a fully centralized system that JPMorgan offers to other banks and fintech. A competitor to the SWIFT interbank payment system. Finally, nothing can overshadow Bitcoin which is an open, transparent, and decentralized system.

The antithesis of the current banking system where opacity is the rule.

In 2020, Jamie Dimon began to change his mind slightly about Bitcoin as JPMorgan clients insisted on being able to buy it, but also as renowned investors like Paul Tudor Jones endorsed it.

For all that, Jamie Dimon reiterated that Bitcoin was not “his cup of tea”. Although preferring coffee, Jamie Dimon had to take up tea during the year 2021.

Since the summer of 2021, JPMorgan has been offering Bitcoin to all its clients. Since this service is offered by competing American banks, Jamie Dimon had no choice but to give in.

In his defense, Jamie Dimon tells us that his customers are great people. He still considers Bitcoin a scam, but since his clients want it, he has to offer it to them. Isn’t he putting his customers’ money at risk by offering them an asset that he considers a scam?

Again, as long as there is money to be made for JPMorgan, Jamie Dimon does not hesitate to go for it.

To get JPMorgan customers to buy Bitcoin, Jamie Dimon even allowed himself a Bullish media outing in September 2021 by announcing that the price of Bitcoin could very well go up 10x from its then $40K price.

Amazing to bait investors so much on a product he considers a scam.

As Bitcoin heads into a phenomenal Q4 2021, Jamie Dimon just made a new statement to say that “Bitcoin is fool’s gold”, but more importantly that “Bitcoin is worthless”.

Again, you see all the schizophrenia of a banker who likes to repeat over and over that Bitcoin is a scam and will be killed by regulation sooner or later while offering it to his clients to generate profits.

Jamie Dimon’s behavior over the past few years is the reason why you can never trust banks to take care of your interests. These banks are only interested in maximizing their profits at the expense of their customers. There is nothing wrong with making a profit of course, but to do so, the service must be rendered and the customers’ trust must not be betrayed.

Jamie Dimon and other bankers are constantly betraying it.

Bitcoin is here to give you back the power over your money so that you no longer have to endure the unworthy behavior of private banks. With Bitcoin, you will have no leader to try to profit from the fruits of your labor. You will be the only one in control.

That’s why Satoshi Nakamoto created Bitcoin, and why you would be wrong not to take advantage of this unique opportunity to take control of your life.

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