Jamie Dimon Backflips on Bitcoin
In September, JPMorgan Chase CEO Jamie Dimon dubbed bitcoin ‘a fraud’.
He believed bitcoin served no use. That it was a Ponzi scheme to lure in gullible investors.
Dimon also promised to fire any employee trading bitcoin. He even criticised his own daughter for buying bitcoin.
I don’t think we’ve ever seen someone quite so disgusted by cryptocurrencies. Certainly not someone as prominent as Dimon.
Which makes his apparent change of tune all the more fascinating.
In a recent interview with Fox Business, Dimon said, ‘The blockchain is real.’
He even says he regrets his previous comments. And that he now has ‘concerns’ about how governments will feel about bitcoin ‘when it gets really big’.
Dimon is even on-board with ICOs it seems. He cautions that you need to look at them carefully and individually. Which to me says he’s flirting with the idea of dabbling in them. Despite the fact that he insists he’s not interested in the subject at all.
Potential crypto investment flood from Wall Street
Dimon’s new perspective echoes the changing mood among his peers on Wall Street.
At the end of 2017 we saw the introduction of bitcoin futures. It was the first step to bringing bitcoin to traditional investment channels.
There are several individuals and firms pushing for bitcoin ETFs as well. Though regulators are still uneasy about giving them the greenlight. However, what matters is the growing interest. Especially from individuals that have cut their teeth in the investment world.
As one savvy director noted, these Wall Street hotshots are about to get a cash kickback. Which begs the question: What will they do with their money?
Meltem Demiror, director of Digital Currency Group (a company that invests in crypto and blockchain businesses), tweeted his thoughts on the matter, stating:
‘When Wall Street bonuses hit bank accounts on January 15, I imagine we’ll see a crypto buying spree of epic proportions…’
Whether Jamie Dimon will be one of them remains to be seen. I’m not sure he’s quite ready to take the plunge yet. But his peers have certainly taken notice of the huge opportunity. And that means there’s an opportunity for you.
We’ve been saying it for a while now, but Wall Street is going to flock to crypto big time. But you can beat the Wall Street rush. Learn how to get hold of some bitcoin today with our detailed report.
Junior Analyst, Money Morning