HomeBitcoinSamson Mow Clashes With JPMorgan’s CEO Over BTC’s Future

Samson Mow Clashes With JPMorgan’s CEO Over BTC’s Future

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Samson Mow, CEO of Jan3 and a staunch Bitcoin advocate has emerged as a vocal challenger to JP Morgan CEO Jamie Dimon’s skeptical stance on BTC.

Mow, known for his ambitious prediction of Bitcoin reaching “$1 million per BTC,” criticized Dimon’s view, advocating for a more adaptive approach towards crypto by the banking sector.

Samson Mow’s Counterargument: Embracing Bitcoin As A Banking Future

This criticism from Mow comes as a response to Dimon recently voicing strong reservations about BTC in an interview. He characterized the crypto as predominantly a medium for fraudulent activities and money laundering and advocated no involvement in the asset. Dimon noted:

I defend your right to do Bitcoin…It’s OK. I don’t want to tell you what to do. My personal advice is don’t get involved.

As a result of these remarks by Dimon, Mow argued that banks, including JPMorgan, could significantly benefit from offering BTC-related services. He suggests that banks could “flourish” in the new financial era by transitioning into “Bitcoin banks,” thereby staying relevant amid the evolving landscape of currency and finance.

Contrary to Dimon’s assertion that BTC primarily facilitates fraudulent activities, Mow emphasized BTC’s potential. He sees it as an opportunity for banks to secure their future rather than a threat.

This perspective challenges the traditional banking model and highlights the inevitability of changes like money and financial services. Mow’s argument implies that denying BTC’s emerging role as a legitimate form of money is tantamount to refusing to recognize the ongoing evolution of the financial ecosystem.

The Bitcoin advocate noted:

Banks exist to help people manage money. If money has changed, then the banks must also change – if they want to be relevant. Bitcoin is money now. Denying that is just being highly vanguarded.

Industry Voices Challenge Dimon’s Criticism

Mow’s position found an echo in Edward Snowden, the famous US whistleblower. Snowden expressed surprise at Dimon’s intensified criticism of BTC, especially after the US Securities and Exchange Commission’s (SEC) approval of spot-based Bitcoin exchange-traded funds (ETFs).

Furthermore, during the interview, Dimon also referred to BTC as a “pet rock.” Stating:

There are cryptocurrencies that do something, that might have value. And then there’s one that does nothing, I call it pet rock. The Bitcoin, or something like that.

This statement was also criticized, with Michael Saylor, the head of MicroStrategy, responding with sarcasm, highlighting BTC’s intrinsic value as a decentralized asset that provides security against “debasement and theft.”

Amid the ongoing debate and Dimon’s skepticism, BTC’s market trajectory shows signs of volatility. At the time of writing, BTC’s price had declined nearly 1% in the past 24 hours and experienced a more significant drop of nearly 10% over the past week.

Bitcoin (BTC) price chart on TradingView
BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

Featured image from Unsplash, Chart from TradingView

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