Bitcoin Critics – Jamie Dimon and Warren Buffett Double Down

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Bitcoin Critics – Jamie Dimon and Warren Buffett Double Down

JP Morgan chief executive Jamie Dimon still continues to be one of Wall Street’s biggest bitcoin critic while the Oracle of Omaha joins the hate wagon. As of two of Wall Street’s highest-profile figures, the two have been spending much time together this week. The billionaires have written a joint editorial this Wednesday in the Wall Street Journal giving their take on why the short-term mentality in practice to reveal the quarterly earning amongst the public companies is hurting the economy very bad.

 

On Thursday, CNBC had aired the two high profile figures with the host asking them, “You both have said some pretty nasty things about bitcoin recently. Which one of you hates bitcoin more?”

To which Berkshire Hathway Chairman and chief executive Warren Buffett said in response, “I set a high standard. I don’t know whether Jamie can top me or not.” The business magnate has made several criticisms in the past that includes calling the bitcoin a ‘real bubble’ and also suggested the cryptocurrencies will see a bad ending, despite its successful start in the 21st century. He also has said that investing in bitcoin is same as gambling. And earlier this May he had equated the word bitcoin to ‘rat poison’.

 

Jamie responded right back stating, “I don’t want to be a bitcoin spokesman, you know. Just beware.”

 

Jamie has also been quite a crypto critic and not a huge fan of the bitcoin at all stating that it is just a ‘waste of time’ in 2015 along with other remarks that also followed suit. In 2017, he called the bitcoin is a ‘fraud’, something that the Wall Street banker has come to regret of in the following months.

 

These kinds of public media attention from high profile figures is what affects the price of the bitcoin and is also one of the major factors that contribute to making it infamous.

 

As it turns out to be, JPMorgan has asked the head of their FinTech programme to task them in formulating a crypto strategy for the bank. This was 8 months from the time Dimon had uttered the ‘fraud’ warning.

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