JPMorgan Chase’s constant love-hate relationship with cryptocurrency has been a fascinating one to observe over the years, especially since the digital asset sector started exploding at the start of 2021. To put things into perspective, between February and April, the total market capitalization of the space doubled from $1 trillion to $2 trillion.
As a result of this meteoric ascent, the individual market cap of premier cryptocurrencies such as Ether (ETH) and Bitcoin (BTC) has gone on to become higher than those of established multinationals, with Bitcoin surpassing Tesla, Tencent, Visa, Berkshire Hathaway, Alibaba, Facebook and Samsung, among others.
Back in 2017, JPMorgan CEO Jamie Dimon referred to BTC as a “fraud,” even going as far as saying that he would fire employees if they dealt with Bitcoin. However, fast-forward four years, and Dimon has dialed back on his “fraud” label.
Not only that, but more recently, he seems to have relaxed his anti-crypto stance, claiming that crypto is here to stay