Edward Snowden Shocked at Jamie Dimon's New Bitcoin Criticism Level
U.Today
Published Jan 23, 2024 11:27AM ET
Edward Snowden Shocked at Jamie Dimon's New Bitcoin Criticism Level
U.Today - Famous U.S. whistleblower Edward Snowden has taken to the X/Twitter platform to direct a bit of a critique at JP Morgan chief executive officer Jamie Dimon over his recent Bitcoin criticism shared during the Davos event.
Overall, Snowden was not the only Bitcoiner who responded to that on Twitter among the Bitcoin community. Michael Saylor and Samson Mow were also among those who commented on Dimon’s anti-Bitcoin statement.
h2 Snowden bashes Dimon as JP Morgan CEO "transforms"/h2 Snowden’s reaction was close to a shock as he noticed a drastic change in Dimon’s criticism of the world’s flagship cryptocurrency. Snowden tweeted that after the Securities and Exchange Commission had given the green light to Wall Street financial giants to start trading spot-based Bitcoin exchange-traded funds, the JP Morgan CEO underwent a transformation and began slamming Bitcoin even harder than before, mentioning BTC and stating that he “does not care” about it.The SEC finally issued approval for spot Bitcoin ETFs earlier this month after years of rejecting any attempts to launch this product and approving futures Bitcoin ETFs only a few years ago. Among the companies that filed for launching a spot BTC product were BlackRock (NYSE:BLK), Ark Invest, VanEck and Fidelity.
h2 Dimon criticizing Bitcoin in Davos/h2 During the annual WEF event in Davos, Dimon spoke to CNBC’s hosts of the Squawk Box show, telling them that he believes Bitcoin to be a “pet rock” on the blockchain that “does nothing,” unlike some other cryptocurrencies.Head of MicroStrategy Michael Saylor responded to Dimon, posting a sarcastic tweet about him, referring to Bitcoin as a “pet rock” that “does nothing" other than allowing people to own something they can "trade among themselves" without fear of debasement or theft.”
Some believe that Dimon simply fears that Bitcoin can disrupt the entire banking system. However, Samson Mow reckons that Bitcoin does not need to do that since many large banks in the U.S. and other countries have already begun embracing Bitcoin and offering BTC services to their customers.
Aside from his usual criticism about Bitcoin’s use cases being criminal activities, money laundering and tax evasion, this time Dimon time also stated that he doubts Bitcoin is limited to 21 million coins, which, according to him, dispels the quality loved by Bitcoiners – scarcity.
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