Jamie Dimon, chairman and CEO of JPMorgan Chase, has recently come under fire from crypto enthusiast Tim Draper shortly after the group revealed its upcoming digital asset, JPM Coin.
Calling Out The Crap
Draper starts by recounting Dimon’s claims. Firstly, the CEO considered Bitcoin (BTC) a scam. Then, he “gets all paranoid” and has banks stand against it. From there, he goes into how hard it is to buy crypto and then builds “his own coin,” all of which sounds a little redundant. “I mean that was so ridiculous,” continues Draper. “That’s typical… it’s like the seven stages of… they go through denial… then they go to acceptance. So he is at acceptance.”
Draper has never believed in JPM Coin. He thinks that people won’t want it because the asset is “tied to a bank” and crypto investors aren’t exactly fond of banks. Conversely, Draper does have faith in Facebook’s asset. This belief is due to Facebook’s massive user base, of course. That said, the enthusiast claims the social media giant is “late to the game.”
Hitting It Big
Despite all of this, Draper still believes that Bitcoin will hit $250,000 by 2022. His claims are grounded in all of the recent upgrades the asset has seen:
“My reasoning is that all these engineers have to create all the things they are doing to make it really easy for us to spend it and to use it and to move it and to build it into our contracts and all of that.”
All of this technology will lead to mainstream adoption, he claims. It’s all about having a positive mindset, which Draper holds over the crypto market. In fact, regarding the bear market, he expects it to be over when we “stop asking. That’s when everything starts going up.”