- REUTERS/Jason Reed
A cryptocurrency company took out a full-page ad in The Wall Street Journal on Tuesday to fire back at JPMorgan CEO Jamie Dimon, who in September called bitcoin “a fraud.”
The ad, taken out by Eidoo, a cryptocurrency wallet company, said “Maybe Jamie will fire you. But you will be free to trade in the crypto world.”
That’s alluding to comments made by Dimon on September 12.
While speaking at a Barclays financial conference, Dimon bashed bitcoin saying it is in a bubble “worse than tulips bulbs.” Dimon added that he would fire anyone at the bank for trading the red-hot cryptocurrency for being stupid.
Bitcoin is up more than 350% year-to-date.
A full page ad in The Wall Street Journal can cost as much as $354,823, a high price tag for most startups. But Eidoo, which provides an app for cryptocurrency investors to store their various coins and tokens, appears to have cash to spare. So far, it has raised more than 79,000 ether tokens in an initial coin offering, according to its website. That’s worth roughly $23,700,000.
ICOs allow startups to raise money by issuing their own cryptocurrencies.Recently, ICOs have come under scrutiny from regulators because companies can use them to raise quick money without having to disclose substantive information to investors.
They’ve become a darling of blockchain and cryptocurrency startups looking to raise cash without having to go through the traditional avenues of venture capital or an initial public offering.
Here’s a picture of the ad:
- Frank Chaparro