JPMorgan, the bank run by longtime Bitcoin critic Jamie Dimon, now predicts that BTC could outperform stocks and gold over the next 10-15 years. The shift follows years of harsh public criticism from Dimon while the bank built crypto and blockchain products.
JPMorgan predicts BTC could outperform stocks and gold over the next 10-15 years, a turn for a bank whose CEO once called the asset worthless. The bank is also putting traditional finance on public blockchains and accepting BTC and ETH as collateral.
Years of harsh criticism from Dimon
Dimon's attacks date back to at least 2017, when he called Bitcoin a fraud that would eventually blow up. He added that JPM traders caught dealing with it would be fired. He later regretted using the term fraud, but his hostile stance continued.
Four years later, he advised investors to stay away from crypto and argued the asset class could not compare with fiat currencies or gold. By 2022, he described Bitcoin and other digital assets as "decentralized Ponzi schemes". In 2023, he dismissed BTC as a pet rock.
The same year, he told a Senate hearing that he would shut crypto down if he were running the US government, claiming cryptocurrencies were heavily associated with criminal activity.
A bank moving in another direction
Despite those remarks, JPMorgan's business strategy was already heading elsewhere. The bank launched JPM Coin and built its Onyx blockchain infrastructure. It also executed tokenized collateral transactions involving BlackRock and Barclays, invested in blockchain intelligence company TRM Labs, and gave wealth-management clients access to crypto funds.
The gap between Dimon's public comments and the bank's commercial strategy has become harder to ignore. JPMorgan recently let institutional clients use BTC and ETH as collateral for loans, one of its most direct integrations of native crypto assets into conventional banking.
Source: CryptoPotato
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