by Horatio Bunce
As the Bitcoin crypto-currency bubble expands from $12000 to $13000 in one day, the cryptocurrency market cap now exceeds that of Citigroup (over $220 Billion). For electrons…..that are “mined”….by solving math problems with computers. Sounds legit.
JP Morgan CEO Jamie Dimon (the pot) previously called the cryptocurrency kettle “black”:
“You can’t have a business where people can invent currencies out of thin air and think that people who are buying it are really smart. It’s worse than Tulip Bulbs; it won’t end well. It’ll eventually blow up; it’s a fraud.”
Ironically, he wasn’t talking about the federal reserve notes electronically created out of thin air they trade every day. So of course, JP Morgan will now engage in trading futures on the cryptocurrency they declared “a fraud”.
Gee, who could see that coming…electronic theft of fake electron “money”….and how does Bitcoin, on this good news today of its immediate disappearability (new word) increase in “value” 8% IN ONE DAY?