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Shocking news: JP Morgan Chief Exec compares Bitcoin to cigarettes, thinks its worthless, and ripe for lots of regulation. The fact this news popped on the front page of Reuters, and even on Dimon’s mind, is extremely bullish and good news IMHO.

Shocking news: JP Morgan Chief Exec compares Bitcoin to cigarettes, thinks its worthless, and ripe for lots of regulation. The fact this news popped on the front page of Reuters, and even on Dimon’s mind, is extremely bullish and good news IMHO.



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14 Comments

  1. tldr; JPMorgan Chase CEO Jamie Dimon has said that cryptocurrencies will be regulated by governments and that he personally thinks bitcoin is “worthless”. “No matter what anyone thinks about it, government is going to regulate it. They are going to regulation it for anti-money laundering purposes, for Bank Secrecy Act (BSA), for tax,” Dimon said. “I don’t think you should smoke cigarettes either,” he added.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  2. To further explain my thinking (sorry for the duplicate content readers!) my rationale for thinking this is long term bullish news is:

    * I don’t believe the Chief Exec of JP Morgan wouldn’t even mention it if in a public forum if he wasn’t trying to manipulate the price (implying they want to buy in), and also …
    * Because his mention of Bitcoin making it to the front page of an International News site indicates the widespread interest.
    * And even if he is correct, and regulation and taxation bites into Bitcoin, I see that as an endorsement – if the government is earning money from taxing something, it becomes part of the infrastructure and more difficult to ban or remove.

What do you think?

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