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 | Yesterday, 23rd Sep, JP Morgan CEO Jamie Dimon issued a warning on Bitcoin and crypto calling them "dangerous" and "decentralized Ponzi schemes". However, in May 2022, he stated that Bitcoin has significant upside. I decided to make a timeline of this big bank bid for power and control, underpinned by greed and fear. I have use most of the exact quotes from the reports for accuracy. January 2014: Dimon kicked off his career in bitcoin labelling the cryptocurrency a āterrible store of valueā November 2015: Dimon predicted a crackdown if cryptocurrencies ever got big enough. āVirtual currency, where itās called a bitcoin vs a US dollar, thatās going to be stopped,ā October 2016: A year further in, JPMorgan launched Quorum, an enterprise-focused version of Ethereum September 2017: Dimon went threatening to fire traders who bought the cryptocurrency. October 2017: Dimon took a vow of silence. āI am not going to talk about bitcoin any more,ā he said on an earnings call. Soon after, he broke his word: āIf you're stupid enough to buy it, youāll pay the price for it one day.ā November 2017: Despite Dimonās threat to sack traders dabbling in bitcoin, it emerged that JPMorgan was considering whether to help its clients trade the bitcoin futures that were then still being planned by exchange giant CME Group, which launched the contracts the following month. January 2018: Following an almighty surge in the price of bitcoin to almost $20,000 in the final month of 2017, Dimon spoke of his āregretā at calling it a fraud just months earlier. Bitcoin was trading at around $14,000 when he backtracked on that accusation. May 2018: JPMorgan took its next dive into crypto. The bank called on Oliver Harris, then head of an in-house scheme to develop new financial technologies, to examine the potential uses of cryptocurrencies across its corporate and investment bank. The news emerged just days after Daniel Pinto, co-president of JPMorgan, said in an interview that ācryptocurrencies are real, but not in the current formā. October 2018: Marking the 10-year anniversary of the digital currency at a conference in Los Angeles, Dimon was back on the offensive: āI didnāt want to be the spokesman against bitcoin. I donāt really give a sh*t ā thatās the point, OK?ā February 2019: JPMorgan claimed it is the first US bank to create and successfully test a digital coin representing a fiat currency. Umar Farooq, head of digital treasury services and blockchain at the bank, said: āWe have always believed in the potential of blockchain technology... āUltimately, we believe that JPM Coin can yield significant benefits for blockchain applications by reducing...ā Bitcoin is currently trading at around $3,500. May 2021: At the Wall Street Journal CEO Council summit, Dimon expressed disdain for Bitcoin once again. āIām not a bitcoin supporterā¦ I donāt care about bitcoin. I have no interest in it.ā August 2021: JP Morgan quietly rolls out access to 5 crypto funds. Three are Bitcoin-based(one Bitcoin Cash, two OG Bitcoin) and two Ethereum-based. October 2021: In an appearance on HBOās Axios, Dimon said Bitcoin has āno intrinsic value.ā He also added, āand regulators are going to regulate the hell out of it.ā Dimon added" ...China made it illegal, so I think itās a little bit of foolās gold.ā Now interestingly on the last past, Dimon called Bitcoin fool's gold on the presumption that gold is to be highly valued which we know from the 11 million ounces or 345 tons of gold they held at their vaults at the beginning of 2022. This amounts to tens of billions of dollars. Now here are the two best part:
Quote Sources: https://www.fnlondon.com/articles/jamie-dimon-vs-bitcoin-vs-jpmorgan-a-timeline-of-tantrums-20190215 https://unchainedpodcast.com/the-timeline-of-jpmorgans-ceo-hating-on-bitcoin/ Image Source: https://finance.yahoo.com/news/uncanny-chart-jpmorgan-shows-bitcoin-090000803.html [link] [comments] |
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Manage all your crypto, NFT and DeFi from one placeSecurely connect the portfolio youāre using to start.
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