Snowden Takes Aim at Jamie Dimon's Heightened Bitcoin Critique Post-SEC Greenlight
Snowden's Critique on Dimon's Bitcoin Stance
Renowned whistleblower Edward Snowden took to X/Twitter to express surprise at JP Morgan CEO Jamie Dimon's intensified criticism of Bitcoin during the Davos event. Snowden, along with other notable Bitcoin figures like Michael Saylor and Samson Mow, responded to Dimon's anti-Bitcoin remarks on Twitter.
Dimon's Transformation Post-SEC Approval
Snowden noted a significant shift in Dimon's stance following the Securities and Exchange Commission's (SEC) approval of spot-based Bitcoin exchange-traded funds (ETFs). Despite the green light for Wall Street giants to trade these ETFs, Dimon began criticizing Bitcoin more vehemently, expressing indifference towards it.
SEC Approval for Spot Bitcoin ETFs
The SEC's recent approval marked a departure from years of rejecting spot Bitcoin ETFs, previously approving only futures-based Bitcoin ETFs. Companies like BlackRock, Ark Invest, VanEck, and Fidelity filed for launching spot BTC products.
Dimon's Davos Remarks
During the Davos event, Dimon referred to Bitcoin as a "pet rock" on the blockchain, claiming it "does nothing" compared to other cryptocurrencies. Michael Saylor responded sarcastically, portraying Bitcoin as a valuable asset allowing secure peer-to-peer trading.
Bitcoin's Disruption and Dimon's Concerns
Some speculate that Dimon's heightened criticism stems from fear that Bitcoin could disrupt the banking system. However, Samson Mow argues that Bitcoin doesn't need to do so, as many large banks in the U.S. and other countries are already embracing Bitcoin and providing services to customers.
Doubts on Bitcoin's Limited Supply
In addition to his usual criticisms, Dimon expressed doubts about Bitcoin's capped supply of 21 million coins, challenging the scarcity aspect cherished by Bitcoin enthusiasts.
In summary, Edward Snowden, along with other Bitcoin influencers, critiques Jamie Dimon's escalated anti-Bitcoin stance post-SEC approval, highlighting the evolving dynamics within the cryptocurrency landscape.
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