BREAKDOWN: Who Cares What Jamie Dimon Thinks of Bitcoin?

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4.7 • 698 Ratings

🗓️ 12 October 2021

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

The JPMorgan head says he thinks BTC is “worthless” even as his company adds new offerings around crypto. This episode is sponsored by NYDIG. Ah, Jamie Dimon. One of the longest duration skeptics of bitcoin, and one of the most consistently wrong from a market perspective. Yesterday, the JPMorgan Chase CEO added new material to his anti-bitcoin cannon and Bitcoin Twitter was extremely quick to respond. Indeed, part of that response was colored by general bullishness as bitcoin experienced another surge up past $57,000. NLW explores Bitcoin Twitter’s reaction to Dimon’s comments and looks at why many think the current rally is being driven by institutions, not retail. - NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW. - “The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Justin Sullivan/Getty Images News, modified by CoinDesk. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:08.9	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:16.2	The breakdown is sponsored by Nidig and produced and distributed by CoinDes.
0:22.5	What's going on, guys? It is Tuesday, October 12th, and today we are talking about what the
0:28.2	entire Bitcoin Twitter community has been talking about for the last 24 hours. And that, of course,
0:34.1	is who cares what Jamie Diamond thinks of Bitcoin.
0:39.5	This is almost too easy to dunk on in some ways, but there is a long, illustrious history of
0:46.6	Jamie Diamond not liking Bitcoin. And I think that that saga creates its own sort of historical
0:52.6	context. And so I feel as though for posterity,
0:55.8	we have to incorporate what the community thinks about the latest comments from Jamie Diamond
1:01.8	on Bitcoin into the historical record. For a little bit of context, Jamie Diamond has been
1:09.7	one of the most consistent long-duration detractors of
1:13.6	Bitcoin in the traditional finance world. Rather than give you the full recap, which is just so long,
1:20.3	I'll give you the Ryan Selkis Twitter summary version. These are all quotes, so keep that in mind.
1:27.3	2014, terrible store of value.
1:30.3	2015. Will not survive? Will be stopped.
1:34.0	2016. Going nowhere.
1:36.6	2017. A fraud.
1:38.9	2018. Don't really give a shit.
1:41.7	2019? Well, in 2019, J.P. Morgan launched something called JPM coin.
1:47.1	In 2020, not my cup of tea.
1:50.3	2021.
	...

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