Nick Chong · 1 week ago · 2 min read · Insights via Grayscale Investments
A year after attempting to abdicate his throne as ruling Bitcoin basher, Jamie Dimon has stepped back into the king’s court heralding fresh commentary on the original cryptocurrency and the technology that underpins it.
Coming on the eve of Bitcoin’s 10th birthday, the JPMorgan Chase & Co. chief whip brought an end to his oratory ceasefire at Tuesday’s Axios conference in Los Angeles when a reporter broached the subject of Satoshi’s creation.
In response, the executive reiterated feelings of remorse after for years blasting Bitcoin at will—in 2014 describing the cryptocurrency as a “terrible store of value”, and then piping up in September 2017 with his now-immemorial description of the coin as being a “fraud” only purchased by the “stupid”. This time, he noted:
“I never changed what I said, I just regret having said it. I didn’t want to be the spokesman against Bitcoin.”
Where Stern School economist and strident Bitcoin defeatist, Nouriel Roubini, would evidently be more than qualified for such a thankless role, a fresh outburst from Dimon could land him squarely in a skirmish with his cohort on Wall Street — many of whom appear to have been quietly stockpiling the crypto-asset before the widely prophesied feeding frenzy prepped up by Bitcoin’s fledgling institutional-grade trade infrastructure, such as Bakkt’s ICE-owned futures market, or anyone of the prospective ETFs awaiting regulatory approval.
And while Dimon may have eaten several portions of humble pie over the past year, the New Yorker seemed to spit out Tuesday’s mouthful with one of his trademark bombshells, stating he “really” doesn’t “give a sh*t” about the largest cryptocurrency by market capitalization.
Softening the blow, Dimon echoed his earlier disclaimer that blockchain was a “real technology”. Coming days after his company—the largest investment bank in the world by revenue—said it would be tokenizing gold on its young Ethereum-based DLT platform, Quorum, one would certainly hope so.