Okay, so here's what I don't understand. I'm relatively new to bitcoin and cryptocurrencies, so apologies in advance if I sound a little bit green. Jamie Dimon, head honcho and CEO of JP Morgan goes on record and says,
"Bitcoin is a fraud"
Bitcoin and other crypto's then plummet, amidst a sell off, presumably off of the back of his comments? So far bitcoin's price stands at around $3950, around an 8% loss and pushing towards the mid $3000 levels.
So here's what I don't understand. JP Morgan, arguably one of the main perpetrators of the financial crisis of 2008, and their chief executive that has gone on record before criticising bitcoin, today once again calls bitcoin a fraud, and triggers an almighty sell off. The words are important here: "fraud"
Quite paradoxical if you ask me Jamie.
So why the panic? Why the sell off? The pandemonium? Surely this man has no credibility? He's either running scared, in denial, or is trying to manipulate the price in order to invest at a lower level? So why does the market react in the way that it does? The same questions could be asked about the China debacle, but I can somewhat understand that, despite my lack of knowledge and experience within the world of crypto's.
Anyway, apologies if this sounds a little novice! I'm just trying to work out why the price of bitcoin is manipulated so much off of the back of comments from a CEO who's global company contributed to one of the worst economical situations of modern times. To me, he has no credence whatsover!
There are words for you Mr Dimon. Those of which I will refrain from mentioning on this platform!