Bitcoin Surges 500% Following JP Morgan CEO’s “Fraud” Allegations

Jamie Dimon’s Infamous Bitcoin Comments Haunt Him as Cryptocurrency Thrives

Six years ago, JP Morgan CEO Jamie Dimon made headlines with scathing remarks about Bitcoin, calling it a “fraud” that would “eventually blow up.” In a now-famous CNBC interview, Dimon expressed skepticism towards the digital currency system that transcends international borders.

During a conference in New York in September 2017, Dimon went even further, stating that Bitcoin was only suitable for “drug dealers and murderers.” However, he would later express regret for his comments in 2018 after Bitcoin’s value surpassed $20,000 that year, as reported by CNBC.

At the time, Bitcoin was still in its early stages, and traditional financial leaders like Dimon viewed it with skepticism. His comments had a significant impact on the financial world, but little did he know that they would come back to haunt him.

Fast forward six years, and the tables have turned dramatically. Bitcoin has not only survived but thrived, establishing itself as a legitimate asset class and gaining widespread acceptance. Its price has skyrocketed, making early investors fortunes and attracting institutional interest. Bitcoin is now recognized as a store of value and a hedge against inflation.

Since Dimon’s comments, Bitcoin has defied all odds and experienced a remarkable surge in value, rising over 500%. While it was trading at just over $4,000 at the time of his remarks, it now consistently trades above $25,000.

Bitcoin Historian Pete Rizzo recently commented on the stark contrast between Dimon’s statements and Wall Street’s current stance on Bitcoin. Prominent firms such as Blackrock and Fidelity have filed for spot Bitcoin ETFs, indicating a growing acceptance of the cryptocurrency within the financial industry.

Interestingly, JP Morgan itself has also changed its tune. In 2021, the bank reportedly started offering Bitcoin to its high net-worth clients, as reported by Blockworks.

❗Follow us on Twitter to get all the latest crypto news as soon as they're out! 🚀

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

View J-S Tremblay website

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top