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greetings members one and all of the salivation nation jp morgan chairman jamie dimon says bitcoin is worthless well what about this asset let's explore some of you may be yelling at the screen right now and chalking this video up in the who cares what jamie dimon thinks department but there are two reasons why i think this is important i'm going to talk about those here as we reference our normal article here from cnbc that talks about his words about bitcoin and his answer i think will give us some insight as to what he thinks about what's behind this piece of paper yes that's right because bitcoin is essentially transacted uh within the cyberspace so that piece of paper really has more value in and of itself than bitcoin in terms of of tangibility but that's not what bitcoin is about and i'm not knocking bitcoin just because of the of uh of of how it's represented in in the in the crypto sphere or in the digital world jamie diamond jp morgan chase chairman and ceo is not a fan of bitcoin which is the largest cryptocurrency by market value i personally think that bitcoin is worthless diamond said during an institute of international finance event um posted earlier from cnbc pro but i don't want to be a spokesperson i don't care it makes no difference to me he said our clients are adults they disagree that's what makes markets so if they want to have access to buy yourself bitcoin we can't custody it but we can give them legitimate as clean as possible access interesting he's held true to that statement in february of 2019 jp morgan said it would roll out a digital currency called jpm coin and in october of 2020 the firm created a new unit for blockchain projects in august that started giving its wealth management client access to crypto funds cnbc reported for his part however diamond has held firm in his anti-crypto outlook recently heard he told axio ceo uh jim vanderhey that bitcoin has no intrinsic value and although he thinks bitcoin will be around long term i've always believed it'll be made illegal someplace like china made it illegal so i think it's a little bit of fool's gold diamond also told avanda that he thinks regulators are going to regulate the hell out of it uh he may be right recently us government has had a heightened focus on regulating cryptocurrency markets bloomberg reported recently that the byte administration is weighing an executive order that would direct federal agencies to study and offer recommendations on the crypto market however though increased regulations may happen federal reserve chairman jerome powell clarified at the end of september that he has no intention to ban bitcoin in the u.s of course is that really his power is that in his authority to ban bitcoin the federal reserve chairman that's an interesting statement some financial experts contend that well thought out regulation would be beneficial when the u.s if people want crypto to become more of a mainstream asset then i think regulation is a necessary first step anjali joao raila a certified financial planner certified public accountant and founder of fit advisors told cnbc however cryptocurrency supporters are wary of further regulation they worry that certain regulatory framework may stifle crypto innovation in the u.s and push business overseas you know we did see bitcoin get close to 58 000 and uh it has a market value according to coin market gap of more than one trillion dollars and so it's pretty interesting to see where that is and and it is fascinating to see where bitcoin is going and where also the crypto market in general is going it is largely unregulated it is one of the few things essentially that is still kind of in the wild west kind of like the internet was in the 90s and early 2000s but when he's talking about intrinsic value i'm curious to see what jamie dimon thinks of this silver yes indeed in silver specifically because for two reasons why i think that jamie dimon is probably bullish on silver and many of you are probably scratching your heads on that one because many of you feel like that jp morgan from on top is wanting to suppress the price of silver we know that they their precious metals trading desk is wanting to uh they they have been caught manipulating the price up and down in order to profit within the organization itself they pi paid over 920 million dollars in fines for it and really essentially it's kind of a drop in the bucket compared to what they've done i think they're these punishments should have been far more severe both financially and in terms of uh convictions which should include jail time for those involved in said manipulation of the prices of silver and gold by the way and platinum and even palladium but nonetheless precious metals trading desk is kind of a a separate thing as far as what jamie dimon feels about silver because well jp morgan is the largest custodian of the slv of of the etf of the electronic tra uh exchange traded products uh jp morgan is the largest custodian of those and so it is in his best interest to uh to uh really to not speak ill of silver even though silver's price has gone down fairly substantially in quite in recent months here now it has intrinsic value and that is something that jp morgan certainly as an institution understands or else i don't think they would uh they would get involved in it and when he's talking about setting a platform for bitcoin he says that they can't be the custodian of it and that quote above it i read in the article there we can't custody it but we can give them a legitimate as clean as possible access so they can provide the conduit but they can't provide a custodian to it which means that essentially though they have their own little blockchain and i don't know what the deal is with that or how that really translates my guess is that blockchain technology might be for their other transactions other uh investment class strategies maybe even slv to provide some sort of um of a of a ledger online ledger system which is what blockchain is to buy other assets as opposed to cryptocurrencies but they can add cryptocurrencies in it but can they make money off of it well perhaps so but my guess is it may not be worth that much to them because i can't custody it but they can custody silver and they do they're the largest holder of it and so i think uh it doesn't make good business sense for him to say that uh silver is worthless especially since the largest custodian for even gold for that matter because they do custody gold as well but i also think that uh jamie diamond is not a stupid feller or else he wouldn't be uh the chairman and ceo of one of the largest banks in the world and so i think he understands that silver indeed does have intrinsic value it has value that has stood the test of time over thousands of years and has been used as money for thousands of years uh transacted as currency for many thousands of years through different empires epochs generations through of wide variety of cultures and i think that is something that cannot be ignored even if it's not used today as money or as currency one thing's for sure we know that uh that uh bitcoin um this track record is still in its infant stage and it's skyrocketed in price but what about its value and how do you measure its value as opposed to its price i think that's a different matter uh silver has a value of historic record that cannot be unmatched and so no matter what you feel about jamie diamond i think one thing is for sure we're never going to hear him say that silver is worthless so let me know what your thoughts are in the comments section of this video i hope you enjoyed it i would like to extend a multitude of gratitude to you all for taking the time to watch and to encourage you to please rate share comment and subscribe silver you
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