Apparently, Jamie Dimon hasn’t learned anything from Donald Trump.
See the thing is, when you make a claim that almost immediately makes you look some semblance of stupid or ill-informed, the “best” thing to do is double down.
When it comes to Bitcoin, Dimon seemingly understands that much, because after calling it a “fraud” that will “blow up” back on September 12, he immediately doubled down, going so far as to (basically) call his own daughter an idiot for buying it later that same afternoon in an interview with Andrew Ross Sorkin.
Dimon also seems to understand that when you make a claim that subsequently ends up making you the butt of every joke, you should triple down after the initial double down, because over the next couple of months as Bitcoin blasted off into the stratosphere, he took another couple of passing shots at the cryptocurrency.
But apparently, Dimon missed that seminar at Trump University where the instructors explain how you should always quadruple down after the tripling down, even if reality continues to prove you “wrong.”
We say that because on Tuesday morning, in an interview with Fox Business anchor (and woman who sold her soul for a lucrative Fox contract) Maria Bartiromo, Dimon said he “regrets” calling Bitcoin a fraud. Here’s what else he said:
The blockchain is real. You can have crypto yen and dollars and stuff like that. ICO’s you have to look at individually. The bitcoin to me was always what the governments are gonna feel about bitcoin as it gets really big, and I just have a different opinion than other people. I’m not interested that much in the subject at all.
Note that he isn’t walking back his claim about government intervention and recent actions by the SEC as well as more aggressive measures in South Korea only underscore the notion that regulation is going to get stricter.
Anyway, what-the-fuck-ever Jamie. We thought you had balls. Like, big ones.
But thanks to this crypto mea culpa, you’re dead to us.
Apparently you’re not the “stable genius” we thought you were….
Wait, you’re calling out Dimon? Where’s your daily FUD’ing? Where has our adorable little BTC bear, doomsday zero gone? You old farty white guys are ridiculous.
FOMO
“You old farty white guys are ridiculous.”
there’s the crypto crowd for you. remember, that kind of comment right there is what inspired the 23-year-old founder of Ethereum to call his own followers a bunch of immature morons: https://heisenbergreport.com/2017/12/28/ethereum-co-founder-vitalik-buterin-has-twitter-meltdown-is-tired-of-hearing-about-lambos/
Dimon does seem to exhibit lack confidence in his own former analysis of private cryptocurrencies. However, his analysis is slowly proving correct . Perhaps that’s why he is less combative – he is a graceful winner.
If you look at Google Trends, searches in – BitCoin, cryptocurrencies and indirectly related – Instagram Stories, Snapchat Stories (supposed major new tech equity trends in advertising and marketing in social media) – the Internet’s public search interest in them – all have peaked and gone down since mid Dec. More convincingly, these search trends have pretty well tracked the peaks and then pricing declines seen for GBTC and NYSE Bitcoin Index. Cryptocurrency mania seems to have peaked. Given the current massive international gov. and major financial company moves against crypts – it shouldn’t be surprising.
For that matter major social media influence in general seems to be waning – or at least seeking and or moving on to the next new shinny social focus. FB and others are losing traction and their demographics are shifting to the less economically influential consumers. While advertisers and marketers are slow on the uptake of these trends – especially on how to quantify their impacts on sales (always the problem with social media influence) the advertising migration away from big social media has begun.
Perhaps the most informative (showing its crystal ball limitations) of Google Trends search shown in the “Trending Searches” – search. This trend gives the most recent search topic popularity, ranking and trends. It is pretty much always dominated by media celebs, sports results, and social media topics – and yesterday and today rankings are no different.
This ranking also and unfortunately gives you a “sad” view of the intellectual curiosity and depth of the Google Search and general internet using public. Given this lack of intellectual curiosity depth and focus – it isn’t hard to see why private cryptocurrencies have had irrational popularity with the uninformed – and or why a similar vacuous public/voter population elected the grossly incapable and incompetent Trump. There are some things we would just rather not know about the human race, but apparently need to know “bigly.”