Jamie Dimon Slams Bitcoin While Praising Ethereum? WEF Day 3: AI vs Blockchain

JPMorgan CEO Jamie Dimon’s stance on blockchain technology and Bitcoin has become a focal point in the financial sector. He recently articulated a clear differentiation between the two. Dimon sees the potential of blockchain technology but remains skeptical of Bitcoin, likening it to a “pet rock.”

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00:00 Intro
00:16 Sponsor: Tangem Wallet
00:51 Bitcoin ETF Success
02:19 Jamie Dimon on Tokenization & Bitcoin
03:06 Jamie Dimon vs Bitcoin
03:49 Jamie Dimon Wanted To Ban Bitcoin
04:42 Jamie vs CNBC Host
06:15 NYSE CEO: IPOs incoming sooner than you think
08:21 Narrative Themes at Davos
10:31 Yat Sui on AI vs Blockchain
12:29 Coinbase vs SEC update
15:30 Outro

#Crypto #bitcoin #Ethereum
~Jamie Dimon Slams Bitcoin While Praising Ethereum? WEF Day 3: AI vs Blockchain~
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Let’s dive in a little deeper to we and Davos and some of the narratives with crypto and what it might mean for you guys so you guys don’t want to miss it my name is Paul bar welcome back in the tech paath before we get started I want

To thank our sponsor tangum if you’re looking at self- custody this is one of the slickest options you have out there just go over to their website click on that get tangum button and you’re going to find yourself in I think self- custody heaven and that is the cards the

App it all works together choose the three card set use our link down below and you can start your journey on self- custody as well all right so I want to get into a few topics here on WE day three listen first of all lots of crypto companies there you’ll be surprised I

Think at the ones that uh we’re going to talk about today so don’t miss it um but a point or two that I want to hit on is go back to the prew and the reason is because what’s happening at we right now I think was almost pent up in the sense

Of what was happening with the Bitcoin ETF so what I mean by that is the success here was Eric balunis talking about let me put it into context this is how insane let me zoom in on that for you guys how insane a 10 billion in

Volume in the first three days is this is uh there were 500 ETFs launched in 2023 this is greater than all of those combined so pretty significant uh issue here I think somewhat historic when you think about ETFs in general and even Larry thinkink was talking about this

Last time we’ve had a couple of video clips but he’s talking about this is a next evolution of ETFs what I took from that the last time he said that was eth eth ETFs all right so here’s another uh tweet right here just talking a little bit about Arc selling their Bido of

Course this was to buy their own spot Bitcoin ETF in arcb which is its next Generation internet ETF think of it they’re more Innovative so you’re going to see a lot of this I think in terms of strategies it also starts to expose the ETF from other investment pools so

Another big option there and then of course Black Rock coming in with now 16,000 Bitcoins for its new ETF is obviously kind of reshaping what’s happening in crypto overall so this is still a big narrative and I think it took off at we and I think that has also

Brought in a lot of different perspectives so I want to go to the first clip here this first clip gets into a little bit about Jamie Diamond of course what he likes what he don’t doesn’t like on crypto listen in cryptocurrency there are two types there’s a cryptocurrency which might

Actually do something think of a cryptocurrency has an embedded smart contract in it and that we can use it buy and sell real estate and move data that may have value the idea of tokenizing things tokenizing things that that you do something with and then there’s a one which does nothing I call

It the pet rock the Bitcoin or something like that all right so obviously he’s talking about ethereum and ethereum type blockchain uh assets out there so interesting that he is leaning in a little bit toward what is away from Bitcoin because obviously the biggest I think the biggest asset class in the

Room right now being Bitcoin and what Black Rock has been able to do with it he goes further into this because he kind of doubles down on this listen in First of and I’m I’m not trying to make a joke here there are use cases AML fraud anti-money laundering tax

Avoidance sex trafficking those are real use cases and you see it being used for hundreds maybe 50 hundred billion dollars a year for that that is the end use case everything else is people train among themselves so speculate yeah now I defend your right to do Bitcoin my

Personal advice is you don’t get involved but I don’t want to tell anyone of you to do it’s a free country let’s just remember that Fiat is still King of the Hill when it comes to those kind of activities nefarious but there’s a little bit here politically

This next clip is a little bit more that will align the two hemispheres here you’ll get a picture take a look at this one can you explain why crypto is such an attractive Financial tool for terrorists I if I was the governments I close it down all right so as you can

See I mean he’s basically saying we don’t want you to own it you know it’s it has too much uh sovereignty uh that’s the big problem I think with all digital assets and the funny thing is is that he doesn’t I don’t think he completely realizes that there’s a lot of

Opportunity on the token side here for other digital assets out there that he does I think prop up in the sense of just token tokenized Securities and what we will see in terms of real world assets being tokenized so a lot being mentioned on this very Topic at we which

Is a bit surprising but not too much so this last clip also Diamond but he’s going back and forth with the CNBC host which is weird to me of traditional media actually defending Bitcoin listen in the black rocks of the world that that obviously and and L Larry Frink

Changed his view of this obviously but what do you think of the there’s a about a dozen big Financial companies Fidelity included number one I don’t care so just please stop talking about this and and people have opinions this is the last time I’ve ever State my opinion gold really didn’t do anything

Either yeah but Gold’s Limited in Supply so it’s Bitcoin and it’s been used H so you think so huh satachi is going to come on there laugh hysterically go quiet all bitcoin’s going to be erased think how the hell do you know it’s going to stop at 21 I’ve never met one

Person who told me they know for a fact they take that atically it’s it that’s not it can’t happen because by the last one will be mined in 2150 and it it it gets harder and harder every time there’s another having but but Jamie looking back over you guys do what you

Want I’ll do what I want as for gold you can the six characteristics that make gold valuable for 4,000 years they’re all present in bin that’s all I’ll say and I love you and I don’t want to and I also don’t I don’t also don’t want to be

A you may Jo Joe you may be right yeah like I don’t know called either so okay that’s what I mean all right interesting CNBC we’ve seen a financial Network now really stepping up I think they’re seeing a little bit about what the future is here in terms of just crypto

Assets in in general so defense interesting yesterday we did a video on We Day 2 within that video Adena Friedman who was the NASDAQ chair and CEO came on talked a little bit about what the potential is here for a boom with IPOs now what does that mean for

Crypto Poss iOS maybe I want to go to this next clip this will give you a little bit more of an Insight of the New York Stock Exchange CEO talking about IPOs coming in listen in now we had one of what’s Adena she’s a friend of me no

She’s a friend she’s a competitor right okay but but you do um obviously have similar Landscapes that that you’re so she says there’s no doubt that that 100 companies have have at least intimated that something’s going to happen yeah it’s a great thing and I’m incredibly optimistic about 20 24 and the pipeline

Of companies that we’re working with we actually had an IPO last week to open the markets who had an incredibly successful IPO particularly given the industry that they operate in priced at the high end of the range stock opened up 15% on IPO day and continued to trade

At that level Le gives us a lot of reason for optimism and we’ve working with quite a few companies who are on the road at the moment to debut them in the next couple of weeks so I think you’re going to start to see some companies come out in the next couple of

Weeks not just in the next couple of months when you actually IPO on the New York Stock Exchange you’ve achieved something extraordinary you haven’t just gotten past the SEC bar you’ve achieved our own regulatory all right so that is a good um that’s a good narrative I think when

You look at just the condition of the markets and the potential for iOS other upstarts kind of coming into the space and much like what we saw in many of the bull runs of the past so good to see that coming in in terms of IPOs this was

Smith Douglas just a recent one that went out nothing to do with crypto but the point being is that this IPO actually held on that first day so that’s all good signs these are good signs in terms of the markets overall further into we this is Sandy from

Unstoppable domains we’ve had her on the show a couple of times and she’s just going through the web 3 companies that were at Davos and you can kind of see the list there leder hadera coinbase Unstoppable for those of you listening on the podcast we’re just kind of going

Through the whole list here sandbox is there Anoka and so on the point being is that there’s a big contingent at Davos and I think this is a good sign but also a cautious sign we has a reputation and I think the key here is

To how does this play out in the future around a lot of these different projects but more importantly for the crypto markets in general I think the the thing that really has become the the big issue is that now global Elites and the future of Finance is starting to take this in

As a real asset class I want to go to a clip she had around the themes of Davos you might be surprised listen in hi here we are at Davos again but I have to tell you a couple of themes have been emerging one web three is not dead it’s

Here everywhere blockchain Hub crypto house we just did a web 3 day I just finished a panel on web 3 and AI it is everywhere here at Davos but the second theme that’s emerging is one that you would imagine which is right here which is the AI house we’re seeing AI

Everywhere but it’s not just about AI it’s about how blockchain and I AI are working together that they must work together and then I think the third big theme that we’re hearing about here is trust it is the biggest theme of the day it applies to technology like trust

Verification that happens with with your Unstoppable digital identity those are the top three themes for the day and now granted Unstoppable digital identity yes if AI is a threat you know to authenticity you know stoppable is going to win but I think that if you look at

It blockchain as a narrative wins here the key here is whether or not companies and entities out there especially within the finance system really understand how to implement this is it early days for this or is this maybe the beginning of something very special yatsu has been on

Our show a couple of times he’s there and he talks a little bit more in depth around where blockchain and AI potentially have some conflicts listen in in the previous session mentioned that the SEC of United States recently approved the Bitcoin ETF but even in that case I believe the SEC commissioner

Gary Gensler is very cautious worry about retail investors I’m going to quote Gary Gensler again he uh he in October mentioned that I can see AI can be you know the next uh reason for systematic risk and and what he meant was if we are all using the same data

Same algorithm when people trade in the same way it can be leading to the market of failure when you are able to sort of replicate anything on AI do you actually know whether it’s authentic or not do you know whether it’s actually real or not in the sense that it can be copied

Whether it was a magazine then it became a website maybe it was Google right these became The Gatekeepers they became our Oracle of truth right but today what is our Oracle of Truth we don’t even know what that is right and that’s precisely why I think blockchain is

Interesting because at the source of the news or the content uh you can now authenticate basically through through uh cryptographic hashes something that is unique and certified that it is original whether the news is good or bad it’s almost not important what’s more important is who it’s from

Trump so you can kind of see yatsu he understands the mix here of culture the need for blockchain but especially I think for the provenance of just web 3 and what it might mean in terms of really defining identity of the future and I would agree gosh I don’t not going

To say this word but I would agree with with the SEC in the sense that yeah there could be problems down here in the future so it is one of the things that I think we’re going to see really become a big narrative for 20 24 speaking of the

SEC we got to talk about the coinbase case that’s happening or just happened I should say today the hearing occurred judge fa got a chance to listen in to both coinbase and the SEC with their arguments and based on what we’ve heard from the day we’re going to do a full

Video for you guys to give you a full rundown and then we’re also going to have metal law man uh later this week so uh his response right here a little early was just the update hearing will begin at 10: expect to go mid after afternoon judge will not rule to to day

That in fact did happen uh she did not rule From the Bench meaning she’s going to go back assess this remember though that there’s a lot of activity now John Deon said something I thought was interesting and that was the motion to deny at this stage I would have less

Than a 5% chance I’m not saying coinbase is going to win but I believe that this motion deny has more teeth in it than the usual one so I would agree as well from what we heard on the call today uh very interesting positioning by this

Judge now this judge is very Savvy and also very aware of what’s happening in blockchain both those things are beneficial to coinbase in my opinion coinbase is going to win this uh it looks as though the judge is going to rule in their favor I just think it’s

Going to be an interesting strategy and how this goes forward because if you think about this going to K to to trial there could be a position where the judge maybe takes it a little bit further and you know kind of wipes the floor with the SEC or or do you win

Shortterm and becomes more of an embarrassment for the I don’t know which one is better but either is good I think for crypto in general uh Elanor Tera does a good job on wrapping it up she was there covering so she did a full adjournment tweet I’d suggest that you

Guys go in read a little bit uh get a familiar with it if you are investing in crypto or if you’re getting into any of these kind of projects this is a good case to follow because this has a lot of implications on the future of it

Remember this case or I should say this case being being presided over by the same judge same judge that uh presided over the Unis swap case which was a class action suit that ended up getting thrown out so also another scenario and remember within that one there was a

Couple of points I wanted to hit on the cour fine smart contracts were themselves able to be carried out lawfully all of this happened Ethan Bitcoin uh were Commodities all that was defined in that uh dismissal in that suit so all good positivity uh for I

Think the future here just as a reminder these are the the Securities that the SEC named in the suit against coinbase and a lot of these are you know well recognized tokens that you probably will see there was Chili’s Chili’s was mentioned today on the call they do a

Tremendous amount of promotion so I could see that Chile’s also been running here recently but flow this is one of the more low cap version of uh the tokens that are out there ICP was in there and then you’ve got salana even on there cardano of course and madic some

Of the big ones that obviously we know about anyway let’s get we’re going to like I said we’re going to do a full rundown for you guys give you a full update on what’s happening with the coinbase case we’ll cover uh maybe a wrap up from weth I’m not completely

Sure what we’ll go into but we will get metal law on this week as well to really break down what is going to happen next so make sure and stick around for all that good stuff if you’re not in the diamond circle make sure and get in

Right now it’s a great place to get additional content and you can get our additional podcast research all that good stuff over there if you follow me out there on X I’ll say hi it’s at Paul bar catch you next time right here on Tech bath