Jamie Dimon: Currency of Thin Air

Posted by admin on Thursday, September 28, 2017

Jamie Dimon Money Quote saying as JP Morgan Chase CEO rips Bitcoin as a currency that is entirely a fiction that will end abruptly for those investing in it. Jamie Dimon said:
The currency isn't going to work when you invent out of thin air Quote

“The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart” — Jamie Dimon


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In this quote, Jamie Dimon is expressing skepticism about cryptocurrencies like Bitcoin. By stating that the “currency isn’t going to work” and people can’t “invent a currency out of thin air”, Dimon is suggesting that cryptocurrencies are not true currencies and lack intrinsic value unlike national fiat currencies which are backed by governments.

He implies that buying cryptocurrencies purely as investments is not prudent since their worth is not concretely underpinned.

The overall interpretation is that Dimon views cryptocurrencies as unsustainable inventions without genuine currency attributes, and doubts their long-term viability given that new virtual currencies can endlessly be introduced without anchoring economic fundamentals. His perspective conveys skepticism about cryptocurrencies being a smart purchase for investors seeking stability compared to traditional assets and currencies.

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