Twin billionaire Bitcoin investors Tyler and Cameron Winklevoss have dared JPMorgan CEO Jamie Dimon to short Bitcoins. Hence in the futures market if he still believes it is a fraud or bubble.
“We’ve been working really hard to give Jamie Dimon an opportunity to short bitcoin, and anybody who says that you know, it’s a fraud or a bubble, you can go now [and] put your money where your mouth is, and bet against it”.
The two, who became first known billionaire Bitcoins, are behind the Gemini. A major US-based regulated cryptocurrency exchange, which partnered with CBOE. And also became the first traditional futures market to launch Bitcoin futures on December 12.
Tyler Winklevoss stated,
“We encourage Jamie Dimon, we encourage him to personally bet against it, bitcoin, take J.P. Morgan’s balance sheet, bet against bitcoin. We’ll see what happens”.
With the market, large-scale investors can now either invest in the cryptocurrency or short on it .
Jamie Dimon has not opposed Bitcoin based on structural, technical, and conceptual flaws, but rather because he sees it as a competitor to JPMorgan’s offshore banking operation, which accounts for the majority of the bank’s profits.
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In fact, the CEO could understand cryptocurrency better than most people according to Ari Paul, the co-founder of Blocktower Capital, who does not believe that Dimon sees Bitcoin as a scam.
“So most of the financial luminaries, I think genuinely don’t understand what it’s trying to be. Jamie Dimon’s an exception. By all accounts, I know people who spoke to him about cryptocurrency four years ago. He gets it, he understands it, probably better than me and he views it, I think, as a brand new competitor to JPMorgan. So he understands that JPMorgan collects a lot of fees for providing a storage of wealth in a secure way that’s judgement resistant to clients, and bitcoin does it an order of magnitude better.”
However, his comments this year that Bitcoin was a bubble that was “worse than a tulip bulb” and one that would collapse, have been outstanding and was not considering kindly by many people.
“I could care less what bitcoin trades for, how it trades, why it trades, who trades it. If you’re stupid enough to buy it, you’ll pay the price for it one day”. It can “trade at $100,000,” but it will eventually crash to zero. “Governments are going to crush it,” he opined”.