JPMorgan CEO rejects bitcoin for its non-intrinsic worth as banks “laugh at us making a ton of money”

Published:

Dec 4, 2021 17:03 GMT

In this episode of ‘Keizer Report’ Max and Stacy touch upon Jamie Dimon’s declare that bitcoin has no intrinsic worth. Of course not: bitcoin has a purely financial worth, and that’s really an excellent factor. In the second half, Max continues speaking with Simon Dixon, from BnkToTheFuture.com, in regards to the future that awaits the monetary world that can observe hyperbitcoinization in El Salvador, a rustic that has issued ‘volcanic bonds’ backed by the cryptocurrency.

In this new episode, Max Keizer and Stacy Herbert deliver up latest statements by Jamie Dimon, CEO and president of the US financial institution JPMorgan Chase, by which he reiterates his skepticism and rejection of bitcoin for not having intrinsic worth.

In this context, Max ensures that this particularity “It is still one of his best qualities or attributes”. He explains that uncooked supplies with intrinsic worth similar to silver or gold – the latter of nice use in electronics – obtain an industrial worth that produces “a certain effect” on costs. These belongings aren’t so good in high quality of cash as a result of a few of the market contributors “will have different expectations for a use with respect to the others, who understand it simply as a store of value,” he particulars.

On the opposite hand, the cryptocurrency lacks mentioned industrial worth as a result of “its only use is to be a 100% monetary asset.” That makes her the “perfect money”. “It cannot interfere with price discovery and that is” demonetizing gold, silver and the greenback, “Keizer continues.

Why was JPMorgan's CEO quick to apologize to China, and what consequences could what he said earlier have?

“That’s why people are selling their gold to buy bitcoins, because gold is less perfect than bitcoin as a store of value. We are seeing how it is demonetizing, the numbers speak for themselves, “he says.

Finally, the presenters discover Dimon’s statements ironic and notice that, whereas ranting about digital foreign money, JPMorgan Chase is accused of manipulate metallic markets. It was just lately discovered that he agreed to pay $ 60 million for a lawsuit on this regard.

This constitutes a fraud that the banker has been committing “for a long time”, which has introduced him big income and which might clarify his help for fiat cash. Many individuals say that it’s immoral to personal Bitcoin, whereas banks reap the benefits of their self-regulation to commit crime. “[Los bancos] laugh at us. They are making a lot of money doing this. But hey, it is clear that there is no intrinsic value in any of this: they have bonds with negative yields and negative real rates, “concludes Stacy.

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