Mow emphasized BTC’s potential as an opportunity for banks to secure their future, rather than a threat.
Samson Mow, CEO of Jan3 and a strong Bitcoin advocate, has become a vocal challenger to JP Morgan CEO Jamie Dimon’s skeptical stance on BTC.
Mow, known for his ambitious prediction that Bitcoin will reach “$1 million per BTC,” criticized Dimon’s opinion, advocating for a more adaptive approach to cryptocurrencies by the banking sector.
Samson Mow’s Counterargument: Embracing Bitcoin as a Banking Future
Mow’s criticism comes in response to Dimon recently expressing strong reservations about BTC in an interview. He characterized cryptocurrencies as predominantly a means for fraudulent activities and money laundering and advocated not getting involved in the asset. Dimon noted the following:
“I defend your right to make bitcoin… that’s okay. I don’t want to tell you what to do. My personal advice is not to get involved.”
As a result of these comments from Dimon, Mow argued that banks, including JPMorgan, could significantly benefit from offering BTC-related services. It suggests that banks could “flourish” in the new financial era by transitioning to “Bitcoin banks,” thereby staying relevant amid the changing landscape of currency and finance.
Mow posted on X that “Dimon is stupid. Bitcoin doesn’t need to be disruptive – banks can embrace and offer Bitcoin services. Bitcoin is only damaging to banks that cling to the fiat system. Also, the fiat system seeks to destroy the banks! Just think for a second, with CBDCs do you still need a bank?”
James Lavish, Managing Partner of the Bitcoin Opportunity Fund, replied to Mow stating that “for those who think Jamie Dimon is stupid, ignorant, or uninformed, he is none of these things. He is an extremely intelligent banker who knows exactly how disruptive (damaging) Bitcoin can (and will) be to his business. And he is doing everything in his power to discredit it.”
Mow’s response to the above comment was “So if Dimon actually had any sense, he would transition JPM to be a Bitcoin bank and stop talking nonsense about the only thing keeping CBDCs in check and preventing them from utterly eradicating his business.”
Contrary to Dimon’s claim that BTC primarily facilitates fraudulent activities, Mow emphasized the potential of BTC. 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 such as money and financial services. Mow’s argument implies that denying BTC’s emerging role as a legitimate form of money amounts to refusing to acknowledge the current evolution of the financial ecosystem.
Industry Voices Challenge Dimon’s Criticism
Mow’s position was echoed by Edward Snowden, the famous American whistleblower. Snowden expressed surprise at Dimon’s intensified criticism of BTC, especially after the US Securities and Exchange Commission’s (SEC) approval of spot Bitcoin exchange-traded funds (ETFs).
Furthermore, during the interview, Dimon also referred to BTC as a “pet stone”, to which Michael Saylor, director of MicroStrategy, responded sarcastically and highlighted the intrinsic value of BTC as a decentralized asset that provides security against “degradation.” and theft.
Amid the ongoing debate and Dimon’s skepticism, the BTC market trajectory shows signs of volatility. At the time of writing, the price of BTC had decreased by almost 1% in the last 24 hours and saw a more significant drop of almost 10% over the past week.
By Leonardo Perez
