Morgan Stanley CEO Rejects Dimon: "Bitcoin Is Certainly More Than A Fad"

Tyler Durden's picture

Two weeks after JPMorgan CEO Jamie Dimon's now infamous "Bitcoin is a fraud" comments, Morgan Stanley CEO James Gorman told The Wall Street Journal today that Dimon is wrong and "Bitcoin is certainly more than a fad... the concept of an anonymous currency is an interesting concept."

Gorman added that Bitcoin faces questions over regulation and entry barriers... "There is a government risk to it... I don't think it should be illegal."

 

Full WSJ interview with Gorman below... (forward to 57:00 for bitcoin discussion)

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FreeShitter's picture

Demon bought the 3k dip, he knows what we know......its unstoppable. Decentralized exchanges, atomic swaps, smart contracts, no coiners bitching 24/7/365? Thats a fucking win no matter how you cut it.

bwh1214's picture

I hate that no reporter called Dimon out for the clear conflict of interest. Bitcoin may have some unknowns but in this investment landscape, zero is not the correct allocation.
Video rebuttal to Chris Duanes challenge.

http://www.themonetaryreset.com/?m=1

runningman18's picture

"Bitcoin is certainly more than a fad... the concept of an anonymous currency is an interesting concept."

Except, Bitcoin is not anonymous.  Never has been and never will be.  The banksters seek to perpetuate the original "anonymity" lie of cryptocurrencies because they are heavily invested in blockchain technology for their one world currency schemes. 

 

tmosley's picture

I think an old man can be forgiven for failing to understand the difference between anonymous and pseudonymous. 

Or it could indicate that he is more interested in coins like Dash and Monero.

UndergroundPost's picture

Bitcoin...Shitcoin. I was in a Safeway last week for a gallon of milk, a couple pounds of ground beef and some toilet cleaner (no, not to clean up after taking a monster shitcoin dump - that will come later). I asked the cashier,  "Can pay in Shitcoin?" No, she said. "How about any Clepto-currency?" Again she replied in the negative giving me that look - you know, the kind pushy customers give you when you're holding up a line. "Ok, thanks" I said as I remembered that I had a bunch of tulips at home - maybe Safeway will take those.

Kotzbomber747's picture

So you paid with a gold or silver coin instead?

UndergroundPost's picture

Yup, after the tulips, though beautiful & in bloom, were laughed out the door too. It's called GoldMoney.

Kotzbomber747's picture

No, you paid with Dollars, but then a Dollar equivalent amount was subtracted from your Gold & Silver holdings at your GoldMoney account.

SafeWay never got any Gold or Silver from you, but they received very normal everyday fiat Dollars instead.

p.s. I'm not at all convinced of BTC either, and I think all the advantages (de-centralized) could also easily be fulfilled by Gold. The enormous advantage precious metals have is that they are tangible and will always have some sort of intrinsic value, something any crypto-currency lacks IMHO.

SeuMadruga's picture

The merchant could have accepted a direct gold grams transfer from the customer within Goldmoney.com platform, as also a creep-to-currency wallet could have been disclosed for payment...

That is, we no longer have excuses to keep proping any satanic, centralized gov "money" !  :-(

Golden Phoenix's picture

You believe Goldmoney when they say the money is still in the vault or ever was. With a crypto blockchain you don't have to. 

TeaClipper's picture

Theres a job stacking shelves waiting for you in that supermarket.

UndergroundPost's picture

Wouldn't want to be your supervisor

Txpl9421's picture

As the commerical says, "That is not how this works.  Thats not how any of this works...."

Golden Phoenix's picture

And then you woke up in your trailer and realized it was all a dream.

runningman18's picture

He knows exactly what he is doing - continuing the kabuki theater around cryptocurrencies and pretending as if there is a "conflict" over their viability all while the banks are investing billions getting ready to use blockchain technology to centralize everything.   A cashless society is what the cabal wants and bitcoin is merely the beta-test.  

Bunga Bunga's picture

Old men will never get it anyway, they will die soon.

a Smudge by any other name's picture

Wait you mean he doesn't know wtf he's talking about? Hmmm that's the ten thousandth banker today.

CJgipper's picture

you really think JPM didn't buy the shit out of that dip that Dimon created?  You can't be that naive.

VD's picture

my pure sarcism has gone right over your head; the muppetz that bought silver at the highs as per Moron Keiser full well appreciate my comment as they pile into their next fleecing.

Moonchichi's picture

Millions of Chinese exiting caused the dip.  It's got nothing to do with him spouting fear filled shit from his face.

bverheg's picture

Exactly. Bitcoin is decentralized, but not anonymous.

Cash and gold are anonymous.

Bunga Bunga's picture

The most important feature is that is immutable and can't be censored, something Wall St simply will never understand. These guys got rich with the help of government power - in contrast, Bitcoin is a meritocracy. 

adr's picture

Yeah it's a meritocracy where 5% control the vast majority of the supply, just like dollars. 

If you hold 100 shares of Apple, do you have any power in their organization? Based on the concept of stock ownership you do, but when one person owns billions of dollars worth, you don't count. 

Let's say that you want to change Bitcoin. You can if you want, but your version will fork from the rest, and good luck getting anyone else to follow. 

Bitcoin is exactly the same as the Rothschild banking empire, just in a different name and form. 

The Rothschilds extract something from every currency they create, those who control the Blockchain do the same. As far as we know the Rothschilds may control the crypto market. 

Bunga Bunga's picture

But based on ability, skills, knowledge, diligence and not on power, connections, secrets, monopolies, corruption aso.

To think that all people should own the same, is an illusion, it will never work. It's also called Communism and has failed so many times. 

Everyone can take part in the cryptorevolution, it's all based on free knowledge.

Golden Phoenix's picture

>I did not buy or mine my own bitcoin when it was a fraction of a cent. People who did are evil and should be punished. When I make a mistake like not buying Apple I don't correct it, I seek revenge on those who did. Join me at HuffPo where we rail against 'the man' while accomplishing jack shit.

No thanks.

 

HRClinton's picture

Unless the CIA and NSA are burning a candle for YOU, it's damn anonymous enough.

What's far more likely going on, is that these Banksters are seeking a Tactical Advantage, by getting into the mix.

E.g. If they get involved, then sooner or later their attack dogs (FBI and IRS) get to "Tag, Track and Try" specific Perps, by tracking the pathways of the BTC that the banks sold.  By making an example of them, they send a clear message to Tax Evaders. IOW... a PsyOp program meets Forensic Law and Tax Enforcement process. (((They))) won't let you leave their Fiat Ponzi Casino.

Of course this applies only to US SUBJECTS (Citizens and Lawful Residents). TROTW (The rest of the world) won't care, and will go on.

Steelio's picture

It is 100% anonymous if you know what you're doing.

garypaul's picture

"...the concept of an anonymous currency is an interesting concept."

That doesn't make any f***n sense... fiat is an anonymous currency!  ('concept' my ass)


tropicthunder's picture

The more non-believers and the more people shit on Bitcoin the better. If sentiment was more bullish, I would start to get concerned. 

Manthong's picture

 

Morgan Stanley must have bought in at the top.

 

BabaLooey's picture

I wish we could EJECT Dimon - into spaaaaaaace.

Son of Captain Nemo's picture

I get it. It's THE GREATEST SHOW ON EARTH!

The only thing missing are the costumes and the exotic animals...

Just like Democrats and Republicans on the same Team playin "good" cop "bad" cop for the American lemmings!

AlexCharting's picture

People only like Bitcoin due to insane % volatility. Bitcoin liquidity will crash when it becomes "booring" like a regular currency. 

tmosley's picture

You have that backwards. It is the low liquidity that causes the volatility. As it sees greater and greater adoption, the amount of liquidity will increase while the volatility will decrease. The last "crash" was a testament to that fact. Previous crashes had it falling 90+%. This time, it only fell 40% from the high. Difference between 0.01% adoption 0.1% adoption.

The sour grapes around here will only pucker more and more as that adoption rate finally approaches 100% over the next decade.

Son of Captain Nemo's picture

"You have that backwards"...

Your "professional" bias duly noted!

VD's picture

"working" out his momz basement wit his sole "investor" is pure "pro".

Son of Captain Nemo's picture

Not when it becomes "boring"... When the high roller "miners" with the largest #'s decide to cash in and "call it a day".

Same as it ever was!

tmosley's picture

Peanutz and oldbugs HATE Morgan Stanley, but are unsure about whether or not they love Jamie.

Exponere Mendaces's picture

LOL, the ZH nutters won't know what to think about this one.

Meanwhile, I'm happy with Bitcoin hitting 4k on the way to 5k and beyond.

Hey, how's gold doing?

$1,283 -- how embarrassing. We're on the brink of slapping North Korea in the chops, and gold can't even manage to get its flaccid metal cock to $1,500?

Too funny.

 

spastic_colon's picture

gold knows that the NK rhetoric is BS............

FreeShitter's picture

Gold has been beaten down like rodney king all the way back to slavery...

tmosley's picture

Gold doesn't "know" anything. It's a rock.

The gold markets also know nothing. They are fake.

malek's picture

Where is the follow-through about what YOU know?

EcoJoker's picture

No shit... But there's nothing wrong with owning BTC, ETH AND AU, AG  Diversify.   Both will pay off one day