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Snowden Takes Aim at Jamie Dimon's Heightened Bitcoin Critique Post-SEC Greenlight

2024/01/18 19:31

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Snowden's Critique on Dimon's Bitcoin Stance

Renowned whistleblower Edward Snowden took to X/Twitter to express surprise at JP Morgan CEO Jamie Dimon's intensified criticism of Bitcoin during the Davos event. Snowden, along with other notable Bitcoin figures like Michael Saylor and Samson Mow, responded to Dimon's anti-Bitcoin remarks on Twitter.

Dimon's Transformation Post-SEC Approval

Snowden noted a significant shift in Dimon's stance following the Securities and Exchange Commission's (SEC) approval of spot-based Bitcoin exchange-traded funds (ETFs). Despite the green light for Wall Street giants to trade these ETFs, Dimon began criticizing Bitcoin more vehemently, expressing indifference towards it.

Wild how the @SECGov approving a #Bitcoin ETF was all it took to transform the CEO of @JPMorgan from the King of Money into that guy who spends one half of every interview insisting "I don't care about Bitcoin," and the other half sobbing that it stole his wife and shot his dog.
— Edward Snowden (@Snowden) January 17, 2024

SEC Approval for Spot Bitcoin ETFs

The SEC's recent approval marked a departure from years of rejecting spot Bitcoin ETFs, previously approving only futures-based Bitcoin ETFs. Companies like BlackRock, Ark Invest, VanEck, and Fidelity filed for launching spot BTC products.

Dimon's Davos Remarks

During the Davos event, Dimon referred to Bitcoin as a "pet rock" on the blockchain, claiming it "does nothing" compared to other cryptocurrencies. Michael Saylor responded sarcastically, portraying Bitcoin as a valuable asset allowing secure peer-to-peer trading.

If you encounter a strange new asset ("Pet Rock") circulating on a blockchain that "does nothing" other than allow people to own something they can "trade among themselves" without fear of debasement or theft, you have just discovered digital money. #Bitcoin
— Michael Saylor⚡️ (@saylor) January 17, 2024

Bitcoin's Disruption and Dimon's Concerns

Some speculate that Dimon's heightened criticism stems from fear that Bitcoin could disrupt the banking system. However, Samson Mow argues that Bitcoin doesn't need to do so, as many large banks in the U.S. and other countries are already embracing Bitcoin and providing services to customers.

Dimon is stupid. #Bitcoin doesn’t need to be disruptive - banks can embrace and offer Bitcoin services. Bitcoin is only damaging to banks that cling to the fiat system. Also, the fiat system seeks to destroy the banks! Just think for a second, with CBDCs do you still need a bank? https://t.co/67HbHu7Ei7
— Samson Mow (@Excellion) January 17, 2024

Doubts on Bitcoin's Limited Supply

In addition to his usual criticisms, Dimon expressed doubts about Bitcoin's capped supply of 21 million coins, challenging the scarcity aspect cherished by Bitcoin enthusiasts.

In summary, Edward Snowden, along with other Bitcoin influencers, critiques Jamie Dimon's escalated anti-Bitcoin stance post-SEC approval, highlighting the evolving dynamics within the cryptocurrency landscape.

Bitcoin(BTC)

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