JP Morgan CEO’s Suggests Expropriations, This Could Drive Investors Towards Bitcoin
Banking giant JP Morgan CEO Jamie Dimon has 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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Taking away your property to build green energy
The banking executive suggested that this might be the only way for governments to reach their net zero carbon emissions targets. Dimon added that the window to fight climate change is “closing”. So the government should apply these desperate measures.
In a letter to investors, the JP Morgan executive said:
Permit reforms are desperately needed to allow investment to be made in any timely manner. We may even need to evoke eminent domain – we’re just not getting the right investments fast enough for grid, solar, wind, and pipeline initiatives.
Dimon used the conflict between Russia and Ukraine as an argument that could justify the government carrying out “eminent domain”, a measure to nationalize property en masse. According to the executive, the war changes the way the world “plans energy security”.
When the conflict between these countries exploded, European countries were hit with higher energy prices. The energy crisis in the old continent led to a series of changes and a lesser dependence on Russian energy supplies.
However, Dimon argues that countries should “do more” to protect their energy security against all threats, including climate change. He added:
We need to do more, and we need to do it now.
To accelerate progress, governments, businesses and non-governmental organizations need to align on a series of practical policy changes that comprehensively address fundamental issues that are holding us back. Massive global investment in clean energy technologies must be made and must continue to grow year after year.
Why Bitcoin Matters More Than Ever
Dimon urged investors, stakeholders and regulators to come together and “make the goals we want to achieve”. If the banking executive is successful in his calling, these investors and stakeholders could lose millions of dollars in their properties.
In that sense, the decade-old decentralized network launched by Satoshi Nakamoto in response to the 2008 economic crisis appears to be the only alternative for investors looking to protect their assets. Bitcoin is the only asset that virtually cannot be seized by a central government or any other party.
Regulators and investors alike know Bitcoin’s ability to offer citizens an escape from the fiat world. The former agents have been tightening their rules and laws on crypto and the infant industry, blocking people from digital asset exchanges and companies.
On the other hand, according to data from Bitfinex Alpha, investors are accumulating more BTC as the world takes another step towards totalitarianism, bank collapses and growing economic uncertainty. The number of BTC addresses with non-zero balances has reached a record high.
As seen in the chart above, these addresses continue to be in an uptrend despite the crypto winter. As the graph shows, Bitcoin adoption is positive as more people wake up to the potential reality of the 21st century, a world of expropriation justified by a “good cause” mandated by bank executives or the government.
Unsplash cover image, Tradingview chart