Bitcoin rises by 500% after JP Morgan CEO called it a “scam” ScrgruppEn
Six years ago, in a now-famous interview with CNBC, JP Morgan CEO Jamie Dimon made headlines with scathing remarks about Bitcoin, describing the digital money system that transcends international borders as a “scam” that will “explode in the end”.
In September 2017, during a conference in New York, Dimon stated that Bitcoin is only suitable for “drug dealers and murderers.” Later he will withdraw the comments In 2018 After Bitcoin surpassed $20,000 that year.
At the time, the Bitcoin market was still in its infancy, and many traditional financial leaders viewed it with suspicion. Damon comments It would resonate throughout the financial world, but little did he know that his words would come back to haunt him.
Six years later, things have turned dramatically. Bitcoin has not only survived, but thrived, becoming a legitimate asset class and a household name. Its price has skyrocketed, creating fortunes for early investors and attracting institutional interest. Bitcoin’s market capitalization has soared, gaining widespread acceptance as a store of value and a hedge against inflation.
In the years following Dimon’s comments, Bitcoin has defied all odds and soared in value, rising more than 500%. Bitcoin was trading at just over $4,000 at the time of the comments, but routinely trades at more than $25,000 today.
As Bitcoin historian Pete Rizzo Comment on X TodayHowever, the comments are in stark contrast given Wall Street’s recent reversal on Bitcoin, with major firms including BlackRock and Fidelity applying for spot Bitcoin ETFs.
JPMorgan has started selling Bitcoin to high-net-worth clients In 2021.
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