With the recent comments by JP Morgan’s Jamie Dimon (pictured) that “bitcoin is a fraud” and “only fit for fit for use by drug dealers, murderers and people living in places such as North Korea,” the price of Bitcoin, Ethereum and other cryptocurrencies took a nosedive overnight. Does that mean you should run away or jump in? Does it mean that Dimon is correct and that crypto is just a new age scam? Perhaps it could mean that JP Morgan is panicked about a currency that they cannot control – a currency that they cannot manipulate – cannot profit from?
Yes, it all sounds a bit conspiracy theoryish but it is my belief that this is an opportunity to either dollar cost average your way to some more or jump in if you feel you have missed the train earlier. In short, the overnight drop is a great opportunity to buy if, like me, you believe in cryptocurrency and want to get some at a decent price.
If you are new you must have a crypto wallet – I use Coinbase for my trades. You simply connect it to a bank account, PayPal or a credit/debit card (to fund your account) and you arein the game. If you use this link – you will get $10 to use on bitcoin or Ethereum once you have invested your first $100.
In his comments deriding cryptocurrency, Dimon talked about how unrealistic it is to trust in a currency that is “created out of thin air.” The fact that US dollars and other fiat currencies are just that – created out of thin air – is not mentioned. Again, this appears to be the money establishment doing their best to ruin the credibility of the crypto world.
by Chris Doelle