Jamie Dimon is a gangster. You’d do well to remember that.
Everyday it’s something else.
To be sure, it’s impossible to know when something like this will finally succumb to reality, but these kinds of things are vulnerable to crises of confidence and in the absence of any kind of fundamental thesis to fall back on, it won’t be immediately clear where the “bottom” is when Wile E. Coyote finally looks down.
“I know a lot about Bitcoin.”
“…if the Chicago Mercantile Exchange or any other clearing organization clears a cryptocurrency together with other products, then a large cryptocurrency price move that destabilizes members that clear cryptocurrencies will destabilize the clearing organization itself.”
The fireworks started in Japan and that’s where they ended.
The stakes are getting higher.
What happens over the weekend no longer remains confined to the weekend.
“When given a choice between $1,000 worth of Bitcoin and $1,000 worth of a traditional financial asset, 27 percent of millennials chose Bitcoin over an equivalent amount of stocks, 30 percent chose Bitcoin over government bonds, 22 percent chose Bitcoin over real estate, and 19 percent chose Bitcoin over gold.”
Submitted for your approval…
What’s implicit there is that if the dynamics that “saved” the fiat regime were to reverse course, well then the untethered system could face an existential crisis.
“What I am really getting at here though is that most of these people have no experience whatsoever with losing money in investments. When the bubble bursts all of them will be headed for the exit at the same exact time.”
In yet another truly absurd leg higher…
“I just don’t believe in this Bitcoin thing, I think – I think – it’s just going to implode one day.”