TL; DR
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JP Morgan CEO Jamie Dimon Says the Fed Should ‘Shut Down’ Bitcoin. The strange thing is that JP Morgan has its own cryptocurrency… so why would he say this?
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We can’t be sure without getting into the mind of Jamie himself, but from where we stand, it stinks of regulatory scrutiny.
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The regulatory capture playbook goes like this: You have a competitor → you send the regulators after them → the regulators minimize/destroy their business → your company starts capturing the value left behind.
Full story
The cheek!
The absolute nerve!
JP Morgan CEO Jamie Dimon Says the Fed Should ‘Shut Down’ Bitcoin.
What isn’t so scandalous at first glance: your golden insect from an uncle who has been saying the same thing for years…
But your Uncle Terry doesn’t run a blockchain with his own cryptocurrency, Jamie Dimon do.
So what’s going on there?
Well, we can’t be sure without getting into the mind of Jamie himself, but from where we stand now, it stinks of regulatory scrutiny.
The regulatory capture playbook goes like this:
You have a competitor → you send the regulators after them → the regulators minimize/destroy their business → your company starts capturing the value left behind.
For example:
Suppose you just started a search engine.
you could be marketing the old fashioned way…
OR you can go to the regulators, claim that Google has a monopoly on search, get the regulators to break up Google’s search business, and then swoop in and fill the void.
Jamie’s call for the FBI to ‘shut down’ Bitcoin is starting to feel very convenient now, isn’t it?