Jamie Dimon – CEO & Chairman of JP Morgan Chase – says Bitcoin is a “fraud” because governments will eventually shut it down.
As the use of cryptocurrencies grows, more and more people are embracing their potential as a currency outside the control of the government.
Yet, that’s the very reason Wall Street banker Jamie Dimon thinks Bitcoin will be shut down.
Ominously, he points to China as an example of future government action, as the communist state recently shut down all Bitcoin exchanges in the country.
Watch Dimon’s comments below:
Governments fear the lack of control
As a top Wall Street banker, Jamie Dimon is well-connected in Washington D.C., and likely knows that the government – and the banks – are loathe to allow any competitors to the financial system they ruthlessly dominate.
This is similar to the continuing war against cash being waged by governments around the world. Because physical cash cannot be as easily tracked or controlled, politicians are trying to move everyone to digital transactions. This would also allow central banks to impose negative interest rates in an effort to force people to spend, lest their money lose value. Governments also want to be able to track every financial transaction at every possible moment.
Both cash and bitcoin offer an escape from such overwhelming government control, which is why those in power are afraid of them.
Photo – YouTube