Currently, Bitcoin is enjoying a run that saw the cryptocurrency move almost to an equivalent value of $6,000 USD. It broke $5,000 handily, and stayed there at least until the time of this writing. The value was a new high for the controversial cryptocurrency.
Most importantly, the currency accomplished this feat in the face of direct opposition from Jamie Dimon, CEO of JPMorgan Chase. The executive called anyone who bought Bitcoin “stupid” and repeatedly referred to the cryptocurrency “worthless” and “a scam.”
This is not the first time that Bitcoin has completely destroyed the expectations of the traditional financial industry. Can we finally say that, no matter the stable market value of Bitcoin, that it has finally come into a stage of viability that will see it maintain some sort of value forever?
One thing is for sure — you will not get a honest answer from the so-called financial experts who are, in actuality, in competition with Bitcoin. Jamie Dimon and those like him stand to lose billions of dollars in overdraft fees, loan interest, mutual fund administration, etc. if Bitcoin truly hits the mainstream. Dimon and his ilk have a vested interest in seeing Bitcoin fail, so of course he is going to promote its worst aspects. Considering his past history in finance, he may even be willing to lie just to maintain his position in his industry.
However, you will get an equally filtered answer from the majority of cryptocurrency websites that have suddenly popped up with daily articles about Bitcoin. Whenever Bitcoin goes up, the sky’s the limit. The minute that things turn around, they are printing articles with the title, “The End of Bitcoin?”
The majority of these sites are set up as clickbait to promote propaganda, not any sort of legitimate advice about the future of the crypto market. If you want to know about the viability of Bitcoin, you need to skip all of the surface level stuff around it and go straight to the source.
Bitcoin was originally created in order to facilitate transactions. Are there more transactions possible with Bitcoin now, or less? Is it becoming easier to use, or more difficult? Are more people taking it on as a viable financial source, or not?
The answers here can be seen in the online environment. Every day, there are new companies that are taking payment in Bitcoin and other cryptocurrencies. Everyone from YouTube entrepreneurs to huge companies like Subway take cryptocurrency as payment. This is above and beyond the core economy online that functions solely on Bitcoin — the underground economy that focuses on anonymity and continues to thrive.
The news items that matter are the ones that tell you about what governments are doing in relation to Bitcoin. Russia is looking to create its own cryptocurrency backed by the government. China is doing everything it can to block crypto, but it is failing. Japan and other large economies are accepting the concept of cryptocurrency wholesale. The biggest economy, the United States, has tried to stop crypto in its tracks and failed. If you know the history of Bitcoin in the US, then you understand just how weak Jamie Dimon’s statements were. They are the wailings of a hit dog that has long been defeated and can only express itself through yelling.
The only way that Bitcoin can be stopped right now is through force, and the US government has proven unable to do exactly that. Bitcoin is not stopping itself, because it has already reached a critical mass in the number of users and in the number of companies that take it as a viable source of trade. When it comes to long term viability, Bitcoin is here to stay.
What then, do we do about these jealous traditional financiers who seem hell bent on stopping Bitcoin from existing?
Ignore them. Realize that Dimon and others are playing a game. It is likely that he and other institutional investors are turning their massive servers into mining operations during off hours. They are simply trying to throw you off the trail. If you mine less and buy less Bitcoin, it means that there is more left for them. Do not believe the hype, and do not leave the market on the ignorant words of a jealous traditionalist.