Nothing about Jamie Dimon's anti-Bitcoin explosion ("Bitcoin is a fraud") made sense. The timing was weird. After all, Bitcoin has proven itself the world over since its first proof-of-concept back in October 2009. There was no real news out there that would have prompted the CEO of JP Morgan to blow up in a rage and say the following:

"The currency isn't going to work. You can't have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.

If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in bitcoin than US dollars. So there may be a market for that, but it would be a limited market.

It is worse than tulip bulbs. Don't ask me to short it. It could be at $20,000 before this happens, but it will eventually blow up. Honestly, I am just shocked that anyone can't see it for what it is."

His rant concluded with a not-subtle threat to fire any employee who is playing around with Bitcoin – an act which would slice off the best brightest from the firm. 

Rage for His Machine

Guys like Dimon believe they own the system. 

You might notice something odd about all this screaming. It has no substantive content. Not one refutable argument. Bitcoin is a currency, perhaps the most valuable currency in the world, thousands of times more valuable per unit than the dollar. His view that nothing valuable can be created by digits is ridiculously old-fashioned. There were countless attempts to create money before Bitcoin and they all failed for specific technological reasons.