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how's it going everyone it's sam jamie dimon just talked about how bitcoin is worthless and how he still needs to give it to his clients so i want to play this clip for you and i ran across a clip from the same conference four years ago and it's fascinating to take a look and to listen to what he said about bitcoin why he didn't like it and almost all those things are wrong now it's amazing to look back and see how many things changed in four years and how wrong he is right now so i want to play the clip for you from today and then also from a couple years ago if you guys don't mind hitting the like button subscribe all that good stuff there is a link underneath the video to blockfy they're going to be a lot of ups and downs with crypto but if you get an interest rate on your crypto it definitely smooths out some of those ups and downs so definitely check out that link down below to block fi so bitcoin is doing really well to 57 200 and of course jamie dimon talks about how bitcoin is worthless let's play it here i personally think that bitcoin is worthless but i don't want to be disposed of it i don't care it makes no difference to me our clients are adults they disagree that's what makes markets so if they want to have access to buy or sell bitcoin you know it's hard we can't custody it but we can give them legitimate as clean as possible access so he says bitcoins worthless but he can try to get his clients bitcoin now let's just see something else they said he said i'll challenge the group to one other thing how do you know it ends at 21 million bitcoins you all read algorithms you guys all believe that i don't know i've always been a skeptic of stuff like that that's also coming from him today so it's fascinating right jamie dimon his company is still buying into bitcoin i mean morgan stanley who's part of jpm they recently doubled their shares of gbtc direct bitcoin exposure we also have them saying that ethereum upgrades could upstart a 40 billion a year staking business they also are giving their clients access to crypto funds so let's play the clip from a few years ago we'll break down how much he's wrong about and why he's so against bitcoin so let me play this clip for you it's fascinating and let's talk about why he's so wrong he hit a new high today i just i i could care less with bitcoin trace four how it trades wyatt trays who trades it if you're stupid enough to buy you'll pay the price for it one day i've also told people that it can trade at a hundred thousand dollars before it trades to zero so tulip balls traded for seventy five thousand dollars on something like that the only value of a bitcoin is what the other guy i'll pay for and i think honestly i think there's a good chance the bitcoin a lot of the buyers out there are up there jazzing up every day so that maybe you'll buy it too and take them out and i quite mean that by the way you know these these people are very good at manipulating the press these days and getting news down so every day you know you have cnbc non-stop bitcoin who cares about bitcoin i mean you know the the world's economy is so big we move jbl alone these companies six trillion dollars we move all the way and bitcoin in total is 50 all these currencies are 50 billion dollars maybe a billion dollar trades a day and and the other thing i've always been a bitcoin governments and this is not a technological statement governments are going to crush it one day governments like to know where the money is who has it and what you're doing with it and you in case you haven't noticed okay and governments like to control their currency they like to control their own economy so china's already put curbs on it japan you know they said japan accepted bitcoin no they didn't when i got to japan there was they called it j coin it's a yen cryptocurrency it's not a it's not a non-fiat there's a big deal there's something people have said legitimate okay it's close to gold not really gold is limited uh uh and has been around a long time and it's close to a fiat currency not really a fear currency is where the government says this is your legal tender you have to give it and accept it and there's a central bank now of course they can misuse it the central bank and inflate it so there is a use case for bitcoin if you live in venezuela north korea if you're a criminal great great product i mean that it's better than the cash or deposits in that country cuba you know but this is the last time i'm ever going to answer question bitcoin because i really don't care so i truly think he thought bitcoin was going to go away but it's definitely not he's having to answer questions about it years later and the company is adopting bitcoin and other cryptocurrencies back four years ago when he did this interview bitcoin hit an all-time high this was from the 13th it hit around 5700 5800 something like that now it's 10x from there he says that he thinks it could hit 100 000 before it goes to zero well we're on pace to get there the other thing that's really interesting to listen to is all the people in the background laughing at bitcoin and if you go back to people talk about bitcoin years ago even just one to two years ago people laughed people laughed at bitcoin and cryptocurrencies they laughed at the fact that some people are thinking it's gonna explode that people are putting a lot of money in it i feel like that was almost like a nervous happy laugh like oh we should probably be investing in this we could have made so much money and then someone in power tells them oh no it's bs they're just thinking oh yeah that's right oh good i don't have to really research it i don't have to put money in it don't have to worry about it all those people are idiots that's what it feels like so in that clip he talks about how bitcoin's worthless pretty similar to what he said today he says that there are barely any transfers on the network now that's changed a lot since that clip we recently just this last week we had 30 billion that was settled on bitcoin in one day so that's changed a lot also he says governments will crush it sure 40 years ago governments will crush it sounded like a pretty safe bet but we have countries literally adopting it he talked about how it's not fiat but now it is turning into fiat it's literally turning into fiat in countries that have the u.s dollar and we're not talking about venezuela like he talks about we're talking about el salvador they have the us dollar as fiat he also talked about how gold is limited seems like he hasn't really changed his opinion on that too much since 2017 because he still is questioning whether bitcoin is is still a limited supply however he can say that yeah you don't look at algorithms you don't know if bitcoin is limited but when you think about it do we know how computers work do we know how our phones work do we know how our cars work no we don't know we don't know how it works but we still use it you could say investing is a little bit different but do you know how you transfer money out of your bank into someone else's bank account do you understand how the stock market works sure maybe at a high level but do you look into the code of weeble do you look at how they buy and sell no you don't know they could take they could rug pull everything but there are people that look into that there's a lot of money to be made on whistleblowing against something like bitcoin right you could bring down the industry and you can make a lot of money doing it if you were right but no one's done that so you can say that all day long but that's not the case there's a set amount it's interesting to take a look at what jamie dimon says versus what the company is actually doing we have to be on the lookout for this stuff because big people like this someone that's really wealthy like jamie dimon he doesn't have to buy into bitcoin but he holds a lot of influence right he has all the money he ever needs he could retire tomorrow he doesn't need to buy into the idea of bitcoin but for someone like us someone that a younger generation that has kind of had to fight a lot in terms of wealth and with all the wealth in the higher generation this is one of the potentially best one of the best investments you can make in your lifetime one of the best wealth generators of your lifetime as long as there are people that don't believe in bitcoin and cryptocurrencies it tells me there's still a lot of appreciation left now of course you have to do your own research because we could go through a lot of dips right we could fall back down to 40 000 in a month or two from now we could fall below that but you have to realize if you're buying into an asset that everyone believes in already that thinks that it's going to be a great asset to hold then there's probably not a lot of price appreciation left on the table michael saylor talks about that a good amount so if you have to buy into something or if you're going to buy into something that you want to do really well like outperform the market it has to be something with some risk to it has to be something that people don't fully understand or haven't put in as much time as you to understand it now whether jamie diamond is purposely trying to manipulate the price of bitcoin because they've done that before with different precious metals or whether he just truly doesn't get it or doesn't need to get it who knows but let me know your thoughts on this down below thank you for checking out the link underneath the video to block by and hitting the subscribe and like and i will see you guys in the next video bye you
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