Six years ago, in a now-famous CNBC interview, JP Morgan CEO Jamie Dimon made headlines with scathing remarks about Bitcoin, calling the digital money system that transcends international borders a “fraud” that will “eventually blow up.”
In September 2017, during a conference in New York, Dimon stated that Bitcoin was only suitable for “drug dealers and murderers.” He would later take back the comments in 2018 after Bitcoin passed $20,000 that year.
At the time, the Bitcoin market was still in its infancy, and many traditional financial leaders viewed it with skepticism. Dimon’s comments would reverberate through the financial world, but little did he know that his words would come back to haunt him.
Fast forward six years, and the tables have turned dramatically. Bitcoin has not only survived but thrived, becoming a legitimate asset class and a household name. Its price has skyrocketed, making early investors fortunes and attracting institutional interest. Bitcoin’s market capitalization has surged, and it has gained widespread acceptance as a store of value and a hedge against inflation.
In the years following Dimon’s comments, Bitcoin defied all odds and surged in value, rising over 500%. Bitcoin was trading at just over $4,000 at the time of the comments, but trades routinely at above $25,000 today.
As Bitcoin Historian Pete Rizzo commented on X today, the comments stand in stark contrast given Wall Street’s recent reversal on Bitcoin, with top firms including Blackrock and Fidelity filing for spot Bitcoin ETFs.
JP Morgan began selling Bitcoin to high net-worth clients in 2021.