That guy is just promoting his own book. Just like a lot of other folks who want CBDC, he rips on bitcoin claiming it is used for money laundering, sex trafficking, etc., but as one of the commentators briefly pointed out the USD is used in a lot of illegal activity. He compared bitcoin to the pet rock, claiming it is used for nothing. I disagree with that. Before he died Rob Kirby provided his listeners with some great examples of how countries like China, Russia, Iran, India were using bitcoin and gold to trade oil and other commodities. They were trading in large numbers using bitcoin. So to hear Dimon claim it basically has no use other than a pet rock just shows his bias in my opinion. He just doesn't want the potential competition to get any good press. Dimon also said the governments will just shut it down at some point. I think Dimon is just acting.....he has to know that yes, crypto held with an exchange is subject to confiscation but also that bitcoin can easily be peer-to-peer with no risk of confiscation if you have your own paper wallets or store it on a thumb drive. With all that said, I am not a fan of bitcoin though I can appreciate its potential value in certain areas - i.e. - as commentators have mentioned you can cross borders with it, you may be able to use it in certain countries if the economy collapses (like what happened in Venezuela) and you may be able to skirt some rules with it. I would only use it for momentum trades, but I have not traded any crypto in a few years and when I did it was in very small amounts. Most of the cryptos hyped by people like Bix Weir, Jeff Berwick and others spiked for a bit and are now trading much lower than before. Precious metals just make more sense to me.
Then there is gold. Dimon said he doesn't want it because it doesn't pay him anything. Hmmm.....but as a head banker he certainly knows that gold isn't meant to pay you anything. It is meant to protect purchasing power. So if we look at bonds, yes, they do pay you but you actually lose money because they are not keeping up with inflation. Also, the folks at the banks who bought all the bonds when they were paying 0.2% or some other ridiculously low rate really cost their companies and/or customers quite a bit of money when the underlying value of the bonds declined as interest rates rose. What did gold do? Stayed stable and/or rose a bit. Then there is commercial paper - another item banksters and hedge fund folks gorged on and that is now costing them dearly, with commercial properties being sold for 40 to 60% of the outstanding loan amount.
Did you notice how Dimon got off the topic of gold pretty quickly? A lot of people like Dimon are dismissive of gold because it competes with their banking products and they make no money off their clients related to gold. Dimon neglected to mention that the BIS now classifies gold as a tier 1 asset and he also failed to mention that central banks are accumulating it.
If Dimon really does not have a full handle on everything I mentioned above, then I think he could just be a figurehead for the bank. I don't see how a major CEO who has been around as long as he has been would not have a totally solid understanding of everything that could potentially impact his company.
Then there is what you mentioned about his answer in which he seemed to claim he does not know how the economy is affected or will be affected by QE-QT. What? I am sure there are some very capable economists at Chase that he talks with regularly. If not, I am sure he could call up someone at the Fed and talk to them about it - as long as it is not Felon. She would not be able to tell him.
