"The Internet is just a fad" – Business Review, 2/26/95
"No online database will replace your daily newspaper" – Newsweek, February 1995
"Bitcoin is a fraud" – Jamie Dimon, 9/12/17
There is no doubt that the quotes above have gone down as some of the worst in tech history. They're horrible predictions made by the print media about their new competitor, the Internet. And one's an outright lie by JP Morgan's CEO about its big competitor, Bitcoin and the blockchain.
Referring to Bitcoin as a real competitor to the banking giant JP Morgan is not my opinion, by the way—it's actually CEO Jamie Dimon's.
Here is what he said in 2012: "They all want to eat our lunch. . . You all have read about Bitcoin, merchants building their own networks, PayPal and PayPal look-alikes. Payments are a critical business for us—and we are quite good at it."
In conversation, Dimon has also referred to cryptocurrency payments as "free riders" since they don't involve paying fees to banks to move money. He also assured his shareholders that they "won't go down without a fight."
Jamie Dimon, JP Morgan, and the central banks are finding themselves in the worst possible scenario.
At a time of negative interest rates, anger from banker bailouts, and the world moving to digital everything, the banks are going to try and both save their current system from imploding in real time and fight a completely new war against the ultimate free market solution: the blockchain.
Cryptocurrency vs. the banks, in my opinion, is like the newspapers vs. the Internet in 1990. There is just no stopping this.Consider that for Bitcoin, there will only be 21 million produced by the year 2141. The U.S., on the other hand, creates about $200 billion in new paper money each year.
Here are some other quotes from the people who are leading the tech revolution that is improving our lives daily.
"Higher than 50% chance that a Bitcoin is worth more than a million dollars" – Wences Casares, PayPal
"Bitcoin will go to at least $500,000" – Jeremy Liew, billionaire Snapchat investor
"Nobody can stop Bitcoin" and "Bitcoin is better than currency" – Bill Gates, founder of Microsoft
"Blockchain is the ultimate disruptor" – Harris Fricker, founder of x.com (cofounded by Elon Musk and acquired by PayPal)
The sooner you understand what we have entered into with blockchain technology, the sooner you can start making a lot of money by positioning yourself early. With Bitcoin and Ethereum, if you haven't done so already, we strongly recommend you take a position now.
We are also recommending shares of HIVE Blockchain Technologies Ltd. (HIVE:TSX.V; PRELF:OTC). We've made this the one and only stock suggestion for this space.
HIVE is literally mining cryptocurrency—it's the power behind the blockchain. In my opinion, HIVE could become the go-to stock for institutional investors.
In fact, this prediction is already becoming true, with GMP Securities announcing a major investment into HIVE last week, with Harris Fricker, CEO of GMP, leading the charge.
The cryptocurrencies are going to mint a lot more "Bitcoin millionaires" and help secure massive fortunes for the early adopters of today.
I've personally used Bitcoin to make purchases on Overstock.com, pay my DISH Network bill, purchase Microsoft Word, and I've even used it on PayPal. Of course, I live in the U.S. In countries like China, India, Zimbabwe, Argentina, and Venezuela, the adoption of cryptocurrency is a must!
It's easy to forget that 2 billion people in this world don't even have access to a bank account… But they do have smart phones, and now, thanks to Bitcoin, they have an easy way to do peer-to-peer transactions.
When I spoke to an Indian businessman a couple of months ago, he told me that due to the capital controls in his country and high volatility of the currency, Indians preferred transactions in physical gold. But now, with Bitcoin, they have a much more efficient way to make payments. They still love their gold and will buy and save in it, but for daily transactions, such as a cup of coffee or the purchase of inventory for a business, Bitcoin is becoming the new gold.
Here in the West, our perception is that our banks are safe, but it wasn't even five years ago that Cyprus confiscated savings accounts and shut people out of their banks.
At the very least, own some Bitcoin for diversification. For me personally, owning the cryptocurrency and gold is a way of both protecting myself from a failed fiat system and helping to support a much more honest and open money system for the world's future.
Daniel Ameduri is the editor of the Wealth Research Group and the cofounder of Future Money Trends Letter, FMT Advisory and Crush The Street. After warning family and friends in 2007 about the coming market and mortgage collapse, Ameduri started his own YouTube channel, VisionVictory, which has received 10 million video views. On March 18, 2008, Ameduri called for Dow 8,000, the collapse of Lehman Brothers, AIG, and Washington Mutual. During the mortgage crisis, he helped people buy Put Options on Countrywide Mortgage; these Puts saw a gain of 1,400%.
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Disclosures:
1) Daniel Ameduri: I, or members of my immediate household or family, own shares of the following companies or cryptocurrencies referred to in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies referred to in this article: None. HIVE Blockchain Technologies has a marketing agreement with Future Money Trends. My company has a financial relationship with the following companies referred to in this article: HIVE Blockchain Technologies. I determined which companies would be included in this article based on my research and understanding of the sector.
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