JP Morgan CEO Suggests Expropriations, This Could Drive Investors Against Bitcoin

Image from: Art Rachen – Unsplash

The CEO of banking behemoth JP Morgan, Jamie Dimon, made several controversial statements that could support Bitcoin’s bullish long-term thesis. According to a Telegraph report, Dimon claims the government “should seize private” property to build renewable energy projects.

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Take away your property to build green energy

The bank chief suggested that this could be the only way for governments to meet their net zero carbon emissions targets. Dimon added that the window to combat climate change is “closing.” Therefore, the government should adopt these desperate measures.

In a letter to investors, the JP Morgan chief said:

There is a desperate need to allow reforms to allow investments to be made in any way on time. We may even need to invoke eminent domain—we simply aren’t getting sufficient investment fast enough for grid, solar, wind, and pipeline initiatives.

Dimon used the conflict between Russia and Ukraine as an argument to justify the government’s exercise of “eminent domain,” a move to nationalize property en masse. According to the leader, the war is changing how the world “plans for energy security”.

When the conflict between these countries exploded, European countries were hit by higher energy prices. The energy crisis on the old continent led to a series of changes and less dependence on the Russian energy supply.

However, Dimon argues that countries should “do more” to protect their energy security from all threats, including climate change. He added:

We must do more, and we must do it immediately.

To accelerate progress, governments, businesses and non-governmental organizations must coordinate across a range of practical policy changes that comprehensively address fundamental issues holding us back. Massive global investments in clean energy technologies must be made and must continue to grow year on year.

Why Bitcoin Matters More Than Ever

Dimon urged investors, stakeholders and regulators to unite and “achieve the goals we want.” If the bank manager succeeds in his call, these investors and stakeholders could lose millions of dollars on their properties.

In that sense, the decades-old decentralized network launched by Satoshi Nakamoto as a response to the 2008 financial crisis seems the only option for investors looking to protect their assets. Bitcoin is the only asset that cannot be practically seized by a central government or any other party.

Regulators and investors know Bitcoin’s capacity to offer citizens an escape from the world of fiat. The former agents have tightened their rules and laws on crypto and the nascent industry by locking people out of exchanges and companies from digital assets.

On the other hand, according to data from Bitfinex Alpha, investors have accumulated more BTC as the world takes another step into totalitarianism, banks collapse and economic uncertainty increases. The number of BTC addresses with non-zero balances reached an all-time high.

As shown in the chart above, these addresses continue their upward trend, despite the crypto winter. As the graph shows, Bitcoin’s adoption is on the upside as more people wake up to the potential reality of the XXI century, a world of expropriation justified by a “good cause” decided by bank bosses or the government.

Cover image from Unsplash, chart from Tradingview