Jamie Dimon, CEO of JPMorgan Chase & Co. (NYSE), has had a tumultuous relationship with Bitcoin (CRYPTO: BTC). Known for his strong criticism of the cryptocurrency, Dimon once vowed to “fire in a second” anyone at JPMorgan caught trading Bitcoin. This was said when Bitcoin was priced at $4,161.27. Today, Bitcoin’s value has surged to $57,926, marking a staggering 1,292% increase.
Dimon’s Past Criticism of Bitcoin
Seven years ago, Dimon labeled Bitcoin as “fraud” and compared it unfavorably to 17th-century Dutch tulip bulbs during the tulip mania. His harsh stance earned significant attention, particularly his warning about firing any JPMorgan trader involved with Bitcoin.
Dimon’s Changing Attitude
Dimon’s position on Bitcoin began to shift notably in the past year. Despite his previous stance, he requested the shutdown of the cryptocurrency industry during a Congressional testimony in December last year. However, just a month later, as Bitcoin ETFs became available, Dimon’s tone softened. He stated, “I defend your right to do Bitcoin.”
JPMorgan’s Current Bitcoin Holdings
Recent SEC filings reveal that JPMorgan currently holds $42,000 worth of shares in Grayscale Bitcoin Trust (NYSE). The bank has also completely sold its position in the iShares Bitcoin Trust ETF (NASDAQ), which it had acquired earlier this year.
Current Bitcoin and JPMorgan Stock Prices
As of the latest data, Bitcoin is trading at $57,947.66, up 2.50% in the last 24 hours according to Benzinga Pro. JPMorgan shares closed at $207.17, marking a 0.78% increase in Thursday’s trading session.
Dimon’s evolving stance on Bitcoin highlights the complex relationship between traditional financial institutions and the burgeoning cryptocurrency market.
