⸺ Obituary · October 13, 2017 ⸺
“Jamie Dimon Says If You're Stupid Enough To Buy Bitcoin, You'll Pay The Price One Day”
Jamie Dimon
Photo: Lauren Hurley / No 10 Downing Street (OGL v3.0), via Wikimedia Commons
“I could care less about bitcoin….I don’t personally understand the value of something that has no actual value. You all can do whatever you want and I don’t care…..If you’re stupid enough to buy it, you’ll pay the price for it one day. I’ve also told people that it can trade at $100,000 before it trades to zero. The only value of bitcoin is what the other guy’ll pay for it. Who cares about bitcoin? The world economy’s so big, JPMorgan alone, $6 trillion, we move all this money, and bitcoin in total, all these currencies, $50 billion dollars, maybe a billion dollars trades a day.”
Price at death
$5,640
Today
$67,440
Resurrection
×12.0
On 2017-10-13, Jamie Dimon (CEO, JP Morgan Chase) declared Bitcoin dead via CNBC. Bitcoin was trading at ~$5,640 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on October 13, 2017, when one Bitcoin traded for approximately $5,640. Since then, Bitcoin has appreciated by 12.0× relative to the price on the day CNBC pronounced it finished.