Even if its not a long-term play, J. DELIVERING ALPHA — CNBC’s Andrew Ross Sorkin interviews Jamie Dimon, JPMorgan Chase Chairman, Chief Executive Officer and President, at zero hedge bitcoin CNBC Institutional Investor Delivering Alpha conference September 12th in NYC. 100,000 before it collapses says J. Barclays event earlier in the day.
Dimon argued that governments will eventually crack down on digital currencies because cryptocurrency is suited for illicit use — or transactions by those in sanctioned countries like North Korea. That can’t possibly be true in the United States unless you’re speculating, and that isn’t a reason to say something has value. Even if Dimon doesn’t see Bitcoin as a legitimate long-term play, the CEO acknowledges that it could one day reach a truly lofty valuation thanks to the euphoria surrounding it. I refer to it like the tulip bulb crisis.
100,000 wasn’t exactly solid prediction of Bitcoin’s trajectory, but rather a hyperbole pointing toward just how volatile and unpredictable the investment could be. In perhaps a sign of just how excited investors have grown over bitcoin, three different investors at the conference Tuesday said that their relatives had begun investing in Bitcoin, or were at the very least highly interested in it. At the same time, Starwood Capital CEO Barry Sternlicht revealed that one of his relatives was also trying to start a bitcoin-related hedge fund. 100,000 will hardly please some advocates, who argue that the currency may eventually go mainstream. In the same conference, venture capitalist Chamath Palihapitiya of the Social Capital refuted Dimon’s call on Bitcoin. 2012-13, said that governments would not be able to eliminate since it is a decentralized system. Eliminating bitcoin would require that government convince each and every person using the cryptocurrency that it is in fact worthless.
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