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The crypto world has identified JPMorgan Chase & Co. CEO Jamie Dimon as public enemy No. 1.
Last night, computer security pioneer and cryptocurrency guru John McAfee called out Dimon for attempting – and failing – to "end crypto." McAfee lobbed a slew of accusations at the big banker via Twitter, pictured below.
While we also disagree with Dimon's stated take on Bitcoin, the evidence suggests that his "plot" isn't to end crypto at all.
In fact, it could be just the opposite.
Here's how Dimon has enraged crypto supporters like McAfee, what he could really be up to, and how you can profit…
Why Crypto Expert John McAfee Believes Dimon Wants to End Bitcoin
McAfee's charge that Jamie Dimon "lied" likely refers to instances during which the mega-banker "misled" investors and even the government over actions made by his firm in recent years.
For instance, JPM's role in the 2008 financial crisis involved underwriting fraudulent securities in the years leading up to the Great Recession. Those very investments were built by a unit within JPMorgan that operated on lies made to shareholders. Eventually, the unit's activities resulted in $2 billion in trading losses – a heavy contribution to the crisis 10 years ago.
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In 2013, Dimon downplayed to the U.S. Senate the significance of risky trading activity in the bank's London office. The result of this risky trading activity introduced the global public to 'The London Whale" – a JPM trader who racked up billions of dollars in losses that Dimon at first tried to hide, then minimize.
But as McAfee's tweet points out, Dimon calls Bitcoin the real "fraud," outraging crypto investors worldwide.
Such was the case on Sept. 12, 2017, when Dimon told attendees at a conference presented by CNBC that "Bitcoin is a fraud" that will "eventually blow up."
McAfee countered the very next day.
"You called Bitcoin a fraud," McAfee told CNBC's "Fast Money" the day after Dimon's declaration. "I'm a Bitcoin miner. We create bitcoins. It costs over $1,000 per coin to create a bitcoin. What does it cost to create a U.S. dollar? Which one is the fraud? Because it costs whatever the paper costs, but it costs me and other miners over $1,000 per coin. It's called proof of work."
While we don't stand by the implication that the U.S. dollar is fraudulent, we agree that calling the digital asset a "fraud" simply doesn't make sense. If Bitcoin is a "fraud," that would mean there are fraudsters manipulating its price movements.
But there is no one single person or group of people "behind the Bitcoin curtain"; rather, the digital coin's price fluctuations are dictated by its community.
But here's the kicker: We're betting that Jamie Dimon knows that, too. He wouldn't be the only Wall Street banker to badmouth Bitcoin in an attempt to buy it at lower prices. And we know that JPMorgan Chase is working on crypto technologies.
In fact, he may just be waiting for the "fix" that's coming for Bitcoin – the upgrade that would be like adding twin turbos to the Bitcoin engine.
But you don't have to be a crypto expert like McAfee or a Wall Street CEO like Dimon to profit from this huge crypto innovation…
See Why Bitcoin Is Far from Dead (and How It Could Make You a Millionaire)
At our recent "Bitcoin 20X Summit," we uncovered information that left many folks stunned – and reevaluating everything they thought they knew about the crypto market.
You see, while Wall Street and Fortune 500 companies continue to badmouth Bitcoin, they're diving headfirst into this craze… and I'd bet not one in 10,000 people knows the reason behind it.
Go here to see why Bitcoin's not dead… and how it could make you millions.