JP Morgan CEO Jamie Dimon was a Bitcoin critic, calling it a “fraud” and a phenomenon “worse than tulip bulbs.” A decade ago, the CEO made several other distasteful comments about BTC, but the one that stands out was his statement that he would “fire in a second” if any of his employees bought Bitcoin.
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During an investors’ conference in 2017, Dimon said that if any JP Morgan employee is caught trading Bitcoin, they would be fired immediately. When Dimon made the statement in 2017, BTC traded around $4,100 in the indices. Fast-forward to today, BTC is at $58,000 and had reached an all-time high of $73,737 in March this year.
Dimon’s statements did not age well, as JP Morgan holds Bitcoin ETF positions in 2024. The bank openly invested in BTC through the ETF options after the SEC approved it this year.
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How Much Bitcoin Does JP Morgan Now Hold?
After the US Securities and Exchange Commission approved the BTC ETC, Dimon took a softer stance on Bitcoin. “I defend your right to do Bitcoin,” he said as JP Morgan tracked it through Apex Crypto. The latest report shows that JP Morgan holds $760,000 worth of BTC ETFs offered by Grayscale, Bitwise, BlackRock, and Fidelity.
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In addition, JP Morgan holds 25,021 shares of Bitcoin Depot worth $47,000, which is a crypto ATM provider. The bank could invest further in BTC if board members approve the move. This is a U-turn to what Dimon used to spew against BTC just a few years ago.
The development shows that CEOs of multinational banks, including corporations, can change tunes when it benefits them. However, the same cannot be said for employees as they will be “fired in a second.” On the other hand, Bitcoin will always move forward and survive even if JP Morgan begins to criticize it.