Jamie Dimon Hated Bitcoin: JPMorgan Now Expects BTC to Beat Stocks and Gold

Few Wall Street institutions have had a more complicated relationship with BTC and crypto than JPMorgan. JPMorgan’s long-term CEO, Jamie Dimon, once called bitcoin a “fraud,” said that it was “worthless,” and described it as a “decentralized Ponzi scheme.” 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 BTC and ETH as collateral, and, oh right, predicting that BTC could outperform stocks and gold over the next 10-15 years. How Did We Get Here? One of the first criticisms caught on camera from Dimon dates back to at least 2017, when he called the largest cryptocurrency a “fraud” 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 “fraud,” his hostile stance continued. Four years later, Dimon advised investors to “stay away” from crypto, arguing that the asset class could not compare with fiat currencies or gold. He also described bitcoin as “worthless” and the “fool’s gold of the future.” By...