“The Feds Need to Close Down Bitcoin” – JP Morgan CEO

TL;DR

• JP Morgan CEO, Jamie Dimon says the Feds should ‘close down’ Bitcoin. Weird thing is, JP Morgan have their own cryptocurrency…so why would he say this?

• We can’t be certain without entering the mind of Jamie himself, but from where we’re standing – it stinks of regulatory capture.

• The regulatory capture playbook goes like this: You have a competitor → you sic the regulators on them → the regulators minimize/destroy their business → your business starts capturing the value left behind.

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The cheek!

The absolute nerve!

JP Morgan CEO, Jamie Dimon says the Feds should ‘close down’ Bitcoin.

Which isn’t that scandalous at first glance – your gold bug of an uncle has been saying the same thing for years…

But your uncle Terry doesn’t run a blockchain with its own cryptocurrency, Jamie Dimon does.

So what’s up with that?

Well, we can’t be certain without entering the mind of Jamie himself, but from where we’re standing – it stinks of regulatory capture.

The regulatory capture playbook goes like this:

You have a competitor → you sic the regulators on them → the regulators minimize/destroy their business → your business starts capturing the value left behind.

For example:

Let’s say you’ve just started a Search Engine.

You could market it the old fashioned way…

OR, you could go to regulators, claim that Google has a monopoly on Search, get regulators to break Google’s Search business up, then swoop in and fill the void.

Jamie’s call for the feds to ‘close down’ Bitcoin is starting to feel veeeery convenient now, no?