Three years ago, JPMorgan Chase CEO Jamie Dimon called Bitcoin a hoax and promised that cryptocurrency investors would “pay” for their stupidity.
However, now BTC has overtaken the bank in terms of capitalization, which happened against the backdrop of an increase in the price of Bitcoin above the $ 23 thousand mark. In this regard, Daimon’s previous criticism seems very amusing.
Recall that the criticism of James Dimon was really harsh. He openly stated that he would fire every employee who invests in Bitcoin. In addition, the expert argued that there is no real value in cryptocurrencies, that is, cryptocurrency investors supposedly want to exclusively make money on the growth of the exchange rate – and nothing more.
Obviously, James did not know about the advantages of BTC in terms of decentralization and independence of the cryptocurrency from any authorities. Or he simply closed his eyes to it.
New Bitcoin records
Bitcoin capitalization currently reaches $ 426 billion. In the rating of the size of assets according to the AssetDash platform, Bitcoin ranks 12th, according to Decrypt. Thanks to the jump in its value, it also managed to bypass the giants Walmart and Johnson & Johnson. At the same time, the capitalization of JPMorgan Chase was fixed at around $ 364 billion, which is why the bank occupies 15th position in the rating.
Of course, these indicators differ markedly. In the case of Bitcoin, capitalization is the product of the number of coins in circulation and their rate, while the results of companies are associated with their activities, interactions with customers and other complex processes. However, watching the performance race is still interesting.
In addition, there is a long-standing criticism of Jamie Dimon, who openly criticized cryptocurrency. But now the latter is ahead of the main indicator of the company in its management, which, as it were, hints at the expert’s wrongness.
The beginning of the list looks like this.
Note that the management of JPMorgan Chase has long been too cold about the cryptocurrency market. That being said, even Daimon himself has admitted in the past that he regrets a little about his criticism of Bitcoin. But this year, many big financiers and companies really fell in love with digital assets. The second half of 2020 was marked by a large volume of investments in BTC from the institutional side.
For example, MicroStrategy, a business intelligence software company, has spent over half a billion dollars on bitcoins. Square, co-founded by Twitter CEO Jack Dorsey, invested $ 50 million in the first cryptocurrency. More recently, the insurance company MassMutual decided to take a risky step and also invested $ 100 million in the main cryptocurrency.
That being said, the rise in BTC has turned the giants’ initial investment into something much more. For example, MicroStrategy’s $ 475 million investment in BTC is now equivalent to $ 927 million. Well, Square’s $ 50 million investment turned into at least $ 106 million.
For comparison, we show a graph of the behavior of JPMorgan Chase & Co. in 2020. Here you can see a sharp drop in the first half of March and the subsequent recovery of the rate.
At the same time, there is no talk even close about growth by the type of Bitcoin results. Recall that BTC sank to 5 thousand against the background of the March fall and is now in the 23 thousand zone. That is, its rate jumped at least 4.6 times in several months.
As you can see, history has put everything in its place – criticism of innovation at best leaves those unable to adapt to the new on the sidelines of history. I would like to believe that in the future, the prospects for Bitcoin and other cryptocurrencies will be obvious to more people, who, in addition, will not be stopped by criticism of bankers and other lovers of classic investment tools.