Home Bitcoin News Is Jamie Dimon doing a U-turn on bitcoin?

Is Jamie Dimon doing a U-turn on bitcoin?

4 min read

It seems that probably the most outstanding bitcoin skeptics could also be altering his tune.

Jamie Dimon, the chief government of JPMorgan Chase & Co.

JPM, -0.34%

 has regularly poured chilly water on the No. 1 digital foreign money, calling it a horrible retailer of worth, a bubble and a fraud. However now, following counterpart Goldman Sachs Group

GS, -0.77%

it seems the U.S. banking big is dipping its toes within the digital-currency water.

The Monetary Information reported Thursday that JPMorgan had made a personnel shift, and Oliver Harris will transfer into a task that may study the usage of digital currencies for the financial institution.

Learn: ‘Fraud.’ ‘Not willing to pooh-pooh.’ A list of what Wall Street CEOs have said about bitcoin

The transfer could be a stark turnaround for Dimon, who for greater than 4 years has turned his nostril up on the thought of cryptocurrencies enjoying a task in mainstream monetary markets.

It started as early as January 2014, when he mentioned bitcoin was “a horrible retailer of worth” and from there, as the worth of bitcoin

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 soared, his remarks bought extra scathing.

In November 2015, Dimon mentioned bitcoin wouldn’t survive, and fewer than three months later he mentioned it’s “going nowhere.” Then in September 2017, when the worth of bitcoin was above $four,000, greater than 400% greater than when he first chimed in, Dimon piled on the warmth.

‘It’s a fraud…It’s worse than tulip bulbs. It gained’t finish effectively. Somebody goes to get killed’

Jamie Dimon, CEO of JPMorgan

Learn: Dimon’s many bitcoin moments of regret, in one chart

Dimon has been the most important skeptic of all of the heads of main banks. Lloyd Blankfein, the CEO of Goldman Sachs, which not too long ago introduced it was opening a cryptocurrency buying and selling desk, has remained coy, saying he doesn’t have an funding in bitcoin however is “not keen to pooh-pooh it.”

Ought to Dimon pull a 180 and start buying and selling cryptocurrencies, he could should replace the financial institution’s code-of-conduct handbook. “I’d hearth them in a second, for 2 causes: It’s towards our guidelines and they’re silly, and each are harmful,” Dimon mentioned in 2017, referring to any staff caught buying and selling bitcoin.

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