Jamie Dimon said he would fire any employee trading bitcoin for being “stupid” and Prince Alwaleed belive it is a bubble and Enron in the making

I wrote about Bitcoin four years ago. At that time it was only a digital currency that no one knew something about. Now it is on the way to be mainstream. The price have skyrocketed thanks to a massive campaign.

Bitcoin was registered in August 18, 2008. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto. The first bubble started in October 3rd, 2010. The BTC price was only $0,06. Then the price crashed down to $0,01, and a massive buying frenzy started. Now, the price is just below $6,000.

Some people love it, and some people dont. One of those who dont like bitcoin is JPMorgan Chase & Co CEO Jamie Dimon. He said he would fire any employee trading bitcoin for being “stupid.”

Saudi billionaire Prince Alwaleed do agree. They are both joining the long line of skeptics saying bitcoin is a bubble, and Prince Alwaleed said “I just dont belive in this bitcoin thing. I think its just going to implode one day. I think this is Enron in the making,” Alwaleed told CNBC.

He also said “It just doesnt make sence. This thing is not regulated, its just not under control, it`s not under the supervision” of any central bank, he said.

My computers are full of bitcoin ads. It says; “millions are buying bitcoin.” Some pro`s in the mainstream media are telling people to invest in bitcoin and specially hedge funds and other traders in Norway.

The Swedish government has successfully auctioned off some bitcoin a few days ago, collecting more than the prevailing market rate in the sale. The 0,6 BTC, along with an equal amount of bitcoin cash, which was not previously disclosed, were sold by the Kronofogden during a week-long auction for a total of 43,000 kroner.

Kronofogden is not the first government agency to sell seized bitcoin. A few weeks ago, the U.S department of Justice formally took possession of $48 million it accrued through the sale of 144,336 bitcoins since the closure of the Silk Road dark market.

China`s big government and banks have banned Bitcoin, and its growing popularity in China may have caused the government to begin to perceive it as a threat to local currency, especially as Chinese investors bought up bitcoin a bet against the yuan last year.

China is home to vast and lucrative cryptocurrency mining operations for both Bitcoin, Ethereum, and other cryptocoins. Three Chinese exchanges like Bitfinex, OkCoin and BTCC, made up over 45 percent of the global market share over the last two months.

Co-founder and CEO of BTCC, Bobby Lee said it must be fake news because the exchange was operating normally.

Many supporters belive that Bitcoin is the future. Those who endorse it are of the view that it facilitates a much faster, no-fee payment system for transactions across the globe. It is not backed by any government or central bank.

Bitcoin can be exchanged for traditional currencies; in fact, its exchange rate against the dollar attracts potential investors and traders in currency plays. Another reason for its popularity is that they can act as an alternative to national fiat money and traditional commodities like gold.

All this is a huge competition to banks and central banks, and can make instability.

To make it short; the market crashed in 1929 and Ben Bernanke have studied it for a long time. When the market crashed in 2008, Ben Bernanke started to stimulate the economy with its QE program. He «printed» money. In other words; he saved the world.

Crypto currencies are not regulated and if crypto currencies is the future, we can already now predict how it can end if the market is crashing……

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Shiny bull. The author has made every effort to ensure accuracy of information provided; however, neither Shiny bull nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Shiny bull and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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