"If you're 'stupid' enough to buy bitcoin, you'll pay the price one day"steemCreated with Sketch.

in bitcoin •  8 years ago  (edited)

CEO of Goldman Sachs, Jamie Dimon, is at it again. "If you're 'stupid' enough to buy bitcoin, you'll pay the price one day", he claimed., shortly before saying he won't talk about it again.

"The only value of bitcoin is what the other guy'll pay for it," Dimon said. No shit Jamie? Isn't that how markets work? If nobody wanted to buy gold, gold would be valueless. If nobody was buying bananas...you get the picture.

The market reacted by sending Bitcoin to an all time high of $5,800.

Although he did also say that the blockchain technology behind bitcoin was valid, he said he not understand the value of digital coins as they're not backed by governments. Hang on Jamie... haven't you heard of inflation? Does your dollar have as much purchasing power today as it did in 2010? No? Why? Oh, inflation. Bitcoin doesn't have this problem, because like gold, it has a fixed supply. No government can ever print new Bitcoin, just as they can never create new gold. There will only ever be 16m BTC. So no government can ever devalue it. See the value now Jamie?

Finally: "JPMorgan alone, $6 trillion, we move all this money, and bitcoin in total, all these currencies, $50 billion dollars, maybe a billion dollars trades a day." Yes Jamie, there is a long long way for Bitcoin to grow.

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8 years ago by

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      ·  8 years ago 

    he probably is buying it in secret :)

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    2 votes
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      ·  8 years ago 

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        ·  8 years ago 

      For reference, the price paid will be 15-25% capital gains plus Tx fees

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