Jamie Dimon, the CEO of JPMorgan Chase (NYSE: JPM), has never been shy about voicing his disdain for Bitcoin (CRYPTO: BTC), despite the bank’s growing involvement in cryptocurrency-related investments.
What Happened:
Nearly seven years ago, at an investor conference, Dimon made headlines by labeling Bitcoin a "fraud" and comparing it to the notorious 17th-century tulip mania, which saw a speculative bubble over tulip bulbs.
Notable Quote:
The statement that drew the most attention was Dimon’s declaration that he would "fire in a second" any JPMorgan trader caught buying or selling Bitcoin.
At the time of his remarks, Bitcoin was valued at $4,161.27. Fast forward to today, the cryptocurrency's price has surged dramatically to nearly $58,000, marking an eye-popping rise of 1,292%.
Why This Matters:
Dimon’s skepticism towards Bitcoin hasn’t faded entirely. Last year, during a Congressional hearing, he even suggested shutting down the crypto industry. Yet, in a surprising twist just a month later, following the launch of the first Bitcoin ETFs, Dimon appeared to soften his stance, saying, “I defend your right to own Bitcoin.”
JPMorgan’s relationship with cryptocurrency also reflects this evolving perspective. According to recent filings with the SEC, the bank reported holding $42,000 worth of Grayscale Bitcoin Trust (NYSE: GBTC). However, it recently sold its holdings in the iShares Bitcoin Trust ETF (NASDAQ: IBIT), which had been acquired earlier in the year.
Price Action:
At the time of writing, Bitcoin is trading at $57,947.66, up 2.50% in the last 24 hours, based on data from Benzinga Pro. Shares of JPMorgan ended Thursday's session 0.78% higher at $207.17.
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