JPMorgan\u2019s long-term CEO, Jamie Dimon, once called bitcoin a \u201cfraud,\u201d said that it was \u201cworthless,\u201d and described it as a \u201cdecentralized Ponzi scheme.\u201d Moreover, he claimed that if he were using the government, he would shut it down.<\/p>\n
Fast-forward several years, and the banking behemoth he runs is putting traditional finance on public blockchains, accepting BTC and ETH as collateral, and, oh right, predicting that BTC could outperform stocks and gold over the next 10-15 years.<\/p>\n
One of the first criticisms caught on camera from Dimon dates back to at least 2017, when he called<\/a> the largest cryptocurrency a \u201cfraud\u201d that would eventually blow up. He added that JPM traders caught dealing with it would be fired and also compared BTC to the infamous tulip bubble. Although he later regretted using the term \u201cfraud,\u201d his hostile stance continued.<\/p>\n Four years later, Dimon advised<\/a> investors to \u201cstay away\u201d from crypto, arguing that the asset class could not compare with fiat currencies or gold. He also described bitcoin as \u201cworthless\u201d and the \u201cfool\u2019s gold of the future.\u201d By 2022, the rhetoric had become even stronger as Dimon described<\/a> Bitcoin and other digital assets as \u201cdecentralized Ponzi schemes.\u201d In 2023, he kept the blows coming, dismissing BTC as a \u201cpet rock.\u201d<\/p>\n The same year saw perhaps the most memorable attack. During a Senate hearing, the exec said that if he were running the US government, he would \u201cclose it down,\u201d while claiming that cryptocurrencies were heavily associated with criminal activity.<\/p>\n Despite all of his criticism and blatant claims, JPMorgan\u2019s business strategy was already moving in a very different direction. The bank launched<\/a> JPM Coin, built its Onyx blockchain infrastructure, executed tokenized collateral transactions<\/a> involving BlackRock and Barclays, invested in blockchain intelligence company TRM Labs, and gave wealth-management clients access to crypto funds.<\/p>\n The divergence between Dimon\u2019s public comments and JPM\u2019s commercial strategy has become even harder to ignore. The Wall Street behemoth recently let<\/a> institutional clients use BTC and ETH as collateral for loans, one of its most direct integrations of native crypto assets into conventional banking.<\/p>\n It has also worked<\/a> with Coinbase to make crypto purchases more accessible to Chase customers, while JPMorgan Securities has served as an authorized participant for BlackRock\u2019s spot Bitcoin ETF.<\/p>\n On the blockchain side, JPM has expanded into public networks, with JPM Coin (JPMD) now available<\/a> on Ethereum and Base. The bank has also launched tokenized money-market funds on Ethereum and is expanding JPM Coin to the Canton Network.<\/p>\n The winds seem to have shifted after its report last week. Although the bank still believes BTC could be highly volatile, it predicted<\/a> that the leading cryptocurrency \u2013 once referred to as \u201cfraud\u201d and \u201cworthless,\u201d is likely to outperform large-cap stocks, REITs, and gold over the next 10-15 years with a 10% annual compounded return.<\/p>\n The post Jamie Dimon Hated Bitcoin: JPMorgan Now Expects BTC to Beat Stocks and Gold<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" JPMorgan\u2019s long-term CEO, Jamie Dimon, once called bitcoin a \u201cfraud,\u201d said that it was \u201cworthless,\u201d and described it as a \u201cdecentralized Ponzi scheme.\u201d Moreover, he claimed that if he were using the government, he would shut it down. Fast-forward several years, and the banking behemoth he runs is putting traditional finance on public blockchains, accepting […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-243627","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/243627"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=243627"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/243627\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=243627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=243627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=243627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Going a Step Further<\/h2>\n