"The only true use case is for criminals..."
Jamie Dimon attempts to shit all over crypto (AGAIN) š£ļø
"The most dangerous psychological mistake is the projection of the shadow on to others; this is the root of almost all conflicts."
- Carl Jung
This bulletin should probably just have been reserved for my pithy on-the-fly NOTES.
However, as Iāve been answering questions about crypto lately ā especially the use of Bitcoin (BTC), specially as a liquid medium-of-exchange across the internet ā I thought Iād take a moment to highlight a few excerpts from two emails I received today.
Many of my readers have probably already heard about this comical nonsense. But, in case you havenāt, the billionaire CEO of JPMorgan, Jamie Dimon, testified in a Senator Elizabeth Warren-orchestrated hearing yesterday.
The hearing?
Basically, a b*tch fest about cryptocurrency.
Part of Dimonās quip is in the title of this email / post. To further clarify, The Milk Road reports:
Hmm. Wait a minuteā¦money laundering, drug trafficking, aiding criminals, violating banking regulationsā¦*checks notes*ā¦
These are all things JPMorgan has been accused of doing!
Drug trafficking: Back in 2019, a ship owned by JPMorgan was seized after U.S. authorities found ~40,000 pounds of cocaine (worth $1.3B) on it.
Violating regulations: JPMorgan was hit with $200M in fines for letting employees use WhatsApp to evade regulators.
Fraud: JPMorgan paid a $920M settlement fee in connection with schemes to defraud precious metals and U.S. Treasuries markets.
Since 2000, JPMorgan has paid ~$39.3B in penalties. I repeat, 39 BILLION U.S. DOLLARS.
Talk about the irony. Jamie needs to check himself before he rekts himself.
I, like you dear Bear fan, know this is just for āshow!ā
To (attempt to) keep the current debt-ridden, fiat-system sham going ā for as long as possible. Heck, from where Dimon is sitting, heās got one heullva legacy to hold up.
(( To dive deeper into what Iām getting at, watch the MagnatesMedia documentary about the founding JPMorgan (aka John Pierpont Morgan); the banker who once owned America! ))
Anyway, moving onā¦
Over to this excerpt, from email #2 today. Simon Black takes the baton, dissing Dimon, with this doozy:
This notion that Bitcoin is great for criminals is one of the most worn out, naive tropes about cryptocurrency that exists. Criminals can (and do) use virtually ANYTHING to launder money, conduct transactions, and extort their victims.
Fine art. Baseball cards. Government subsistence vouchers. Rare coins. Amazon gift cards. Popular consumer merchandise like iPhones. Sports betting. Prepaid credit cards. And yes, the US banking system.
At least with Bitcoin [editorās note: our link], every single transaction is publicly recorded on the blockchain, which means that government entities can track the movement of funds.
Frankly criminals are much better off using JPMorgan Chase for their illicit transactions.
Simon is spot on there. JPMorgan Chase was the bank of choice for Bernie Madoff, the man who ran one of the most infamous Ponzi schemes of all time.
And this narcissistic-derived line, from Dimon, in his āspeechā yesterday: āIf I was the government, Iād close it down.ā
Back over to Simon [bolded emphasis is mine]:
He [Jamie Dimon] seems to think that the government could simply ban cryptocurrency, and, poof, demand would vanish.
Because that worked so well during alcohol prohibition, or the never-ending war on drugs, or prohibiting illegal downloads of movies on the Internet.
Crypto would be even harder to control.
Cryptocurrency offers a decentralized, peer-to-peer currency which can travel across borders in seconds. That governments canāt control it is a feature, not a bug.
That means a future where people canāt be de-banked by Justin Trudeau for protesting against his vaccine mandates. It means keeping personal custody of your funds, without having to trust third parties like JPMorgan Chase who treat you like a criminal (when they arenāt too busy acting likeĀ criminals).
Jamie Dimon is supposed to be a sophisticated banker and business leader. Yet his words are steeped in so much irony, drenched in so much hypocrisyā¦ and he doesnāt even realize it.
It is so obvious that significant elements of cryptocurrency are here to stay; even the Federal Reserve is toying with crypto.
SUMMARY: If there ever was a beautiful case for crypto, especially Bitcoin, then the above b*tch-fest hearing, held yesterday, by Senator Elizabeth Warrenā¦is a major positive. Think twice about that!
ACTION PLAN: Stay long Bitcoin. Dollar-cost average into BTC at a scheduled pace that is right for your own financial circumstances. Uphold is my go-to custodial provider of choice for that.
RELATED (to top Quote): My post, from 2021, about the Shadow Effect, taming your inner beast, and the monster in the mirror.
šØļø Questions / comments / feedback? Lay āem on me: