October 23, 2021 –
BeanInvest founder and early bitcoin advocate, Matt Allen, slammed JP Morgan Chase CEO and Chairman Jamie Dimon over his recent comments on Bitcoin. Matt Allen is a finance maverick, who is quietly becoming a leading Millennial voice.
Labeled by Allen as the “epitome of Wall Street corruption and arrogance,” Jamie Dimon has lived up to this description with his years-long negativity of cryptocurrency while secretly working behind the scenes to cement a footing in the industry. A week ago, the Wallstreet CEO called “Bitcoin a fraud.”
In a scathing newsletter to his thousands of subscribers, the Yahoo Finance and Bloomberg featured millennial investor highlights not only Dimon’s blatant disregard for Bitcoin to the point of calling it a fraud but also reveals all his failed attempts at receiving a patent for a bitcoin clone.
“In 2013, Jamie Dimon claimed that Bitcoin was a fraud and that it is a terrible store of value. He said that cryptocurrency had no future and was a waste of time. After he made these comments, JP Morgan Chase and Dimon applied and were denied a patent for a Bitcoin clone over 175 times” states Allen.
But this should come as no surprise as the often-embattled CEO has been at the forefront of many scandals over his tumultuous career, including him and JP Morgan being fined $48 billion by government institutions for banking and securities fraud since the 2008 financial crisis.
Most disturbingly, Dimon and JP Morgan sold the ambitious claim that they were the saviors of the financial crisis, later being secretly fined an estimated $13 billion for their role in the crisis.
In 2020 again, they were fined a whopping $920 million for manipulating the precious metals market that reportedly earned an eye-popping $5 billion dollars. At the peak of the Covid-19 pandemic, JP Morgan garnered $1.5 billion off overdraft fees when people were rapidly being laid off and struggling to survive. Dimon took in a salary of $32 Million that same year.
In 2017, Dimon and JP Morgan Chase went as far as threatening any employee who ventured into trading bitcoin or owning cryptocurrency. In a twisted revelation, it was discovered that JP Morgan Chase was secretly crafting their very own blockchain on Ethereum In 2019, JP Morgan Chase was slated to release the first US bank-backed crypto while hiding the details from the public while Dimon was still publicly bashing crypto.
Just recently, Jamie Dimon has called crypto worthless while urging the everyday person to stay away from it. However, JP Morgan just launched a Crypto Fund for wealthy investors only.
Needless to say, their claims are ludicrous and downright hypocritical. Bitcoin and, by extension, the cryptocurrency and blockchain markets have seen tremendous growth. Bitcoin has all the makings of not only a sound investment but also as a contemporary currency. With only 21 million mined, it’s a scarce commodity. Bitcoin is divisible, liquid, transparent, and most of all global.
This dishonesty is why millennial tech investor Matt Allen, known for his early investments in Bitcoin, Tesla, and Snapchat, was quick to call out the Wallstreet CEO. Jamie Dimon was saying one thing, while doing something else behind the scenes.
“The average person works their butt off from 9-5 to make their life better for themselves and mainly their family. They want to make investments that can expedite their chance at the American Dream. However, we have frauds like Jamie Dimon that will lie to them just so they can get another house in the Hamptons” says Allen.
You can read the full newsletter here.
