Jamie Dimon, the CEO of JPMorgan Chase & Co (NYSE:JPM), is understood for his no-holds-barred assaults on Bitcoin (CRYPTO: BTC), regardless of the banking large’s investments in exchange-traded funds tied to the main cryptocurrency.
What occurred: Talking at an investor convention nearly precisely seven years in the past, Dimon dubbed Bitcoin as “fraud” and “worse than tulip bulbs,” in reference to the Dutch tulip mania within the seventeenth century.
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The comment that gained probably the most notoriety was when he mentioned he would “hearth in a second” any JPMorgan dealer caught buying and selling in Bitcoin.
When Dimon made these remarks, one Bitcoin was priced at $4,161.27. Immediately, the coin’s worth has ballooned to $57,926, indicating an enormous 1,292% improve.
Why It Issues: Dimon’s criticism of Bitcoin has continued unabated, and he went so far as to ask for a shutdown of the industry throughout a Congressional testimony in December final 12 months.
Nonetheless, his stance remarkably softened just a month later when the first-ever Bitcoin ETFs noticed the sunshine of day. Dimon mentioned, “I defend your proper to do Bitcoin.”
In keeping with the current filing with the SEC, JPMorgan reported holding $42,000 price of shares of Grayscale Bitcoin Belief (NYSE:GBTC). It additionally liquidated its complete portfolio within the iShares Bitcoin Belief ETF (NASDAQ:IBIT) which was acquired within the first quarter.
Value Motion: At the time of writing, Bitcoin was exchanging palms at $57,947.66, up 2.50% within the final 24 hours, in line with data from Benzinga Pro. Shares of JPMorgan closed 0.78% increased at $207.17 throughout Thursday’s common buying and selling session.
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This text JPMorgan CEO Jamie Dimon Said He’d ‘Fire In A Second’ Anyone Caught Trading Bitcoin When It Was At $4,000. initially appeared on Benzinga.com
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