The Timeline of JPMorgan’s CEO Hating on Bitcoin

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October 12, 2021       /       Unchained Daily       /       Laura Shin

Daily Bits ✍️✍️✍️

  • BlockFi filed for a bitcoin futures ETF.

  • ConsenSys is in talks to raise money at a $3 billion valuation.

  • The Chinese judiciary is looking into how to convict and sentence crypto-related activities.

  • Elliptic, a blockchain analytics firm, raised $60 million.

  • YouTube briefly de-platformed the Pomp Podcast, a popular crypto podcast.

  • Cryptocurrency exchange FTX launched a Solana NFT marketplace.

  • The UK Gambling Commission issued a notice clarifying that NFT marketplace Sorare (disclosure: a current sponsor) isn’t licensed by the regulator.

  • OpenSea delisted DAO Turtles, a project the NFT marketplace claims broke rules related to carrying out financial activities.

  • Paradigm, a crypto investment firm, is looking to bring in $1 billion for a new fund.

  • Digital asset investment funds saw an inflow of $226 million last week.

  • MoonPay, a crypto payments company, was valued at $3.4 billion after its first funding round.

  • Ripple partnered with Nelnet for $44 million to fund solar energy projects.


What Do You Meme?


What’s Poppin’?

The CEO of JPMorgan Chase is not a fan of Bitcoin and hasn’t been a fan since 2015. Here’s a quick timeline:

  • ~$400 | November 2015 → During the Fortune Global Forum, Dimon called for a US crackdown on Bitcoin. “Virtual currency, where it’s called a bitcoin vs. a U.S. dollar, that’s going to be stopped,” said Dimon. “No government will ever support a virtual currency that goes around borders and doesn’t have the same controls. It’s not going to happen.”

  • ~$3,900 | September 2017 → While speaking at a banking conference, Dimon called Bitcoin “a fraud.” He went on to add, “The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.” Dimon went on to say he regretted the statement.

  • ~$5,600 | October 2017 → Dimon informed the audience at an Institute of International Finance event: “If you’re stupid enough to buy it, you’ll pay the price for it one day.”

  • ~$53,300 | May 2021 → At the Wall Street Journal CEO Council summit, Dimon expressed disdain for Bitcoin once again. “I’m not a bitcoin supporter… I don’t care about bitcoin. I have no interest in it.”

  • ~$54,800 | October 2021 → In an appearance on HBO’s Axios, Dimon said Bitcoin has “no intrinsic value.” He also added, “and regulators are going to regulate the hell out of it.” Dimon used China as an example for his viewpoint. “I’ve always believed it’ll be made illegal someplace, like China made it illegal, so I think it’s a little bit of fool’s gold.”

  • ~$57,500 | Yesterday → Dimon said that he thinks Bitcoin is “worthless.” The comment came during testimony to the US House Financial Services Committee.

Dimon went on to clarify that his stance on crypto will not affect that of JPMorgan’s. “My own personal advice to people is: stay away from it. That does not mean the clients don’t want it,” Dimon said. “This goes back to how you have to run a business. I don’t smoke marijuana, but if you make it nationally legal, I’m not going to stop our people from banking it.”

The CEO has seemingly held to his word, as JPMorgan has been active in the crypto/blockchain industry for years. In 2017, JPMorgan created JPM Coin, a digital currency to be used commercially. The news coincided with the launch of Onyx, a business unit specifically focused on crypto and blockchain. In March of 2021, JPMorgan unveiled a cryptocurrency exposure basket, giving investors indirect access to crypto through companies like Tesla and MicroStrategy. In August, the bank partnered with NYDIG to give private bank clients access to Bitcoin.

Additionally, in an October note to clients, JPM’s cross-asset strategist Nikolaos Panigirtzoglou expressed a bullish opinion on Bitcoin as a store of value. “The reemergence of inflation concerns among investors has renewed interest in the usage of bitcoin as an inflation hedge,” he wrote. Adding, “Bitcoin’s allure as an inflation hedge has perhaps been strengthened by the failure of gold to respond in recent weeks to heightened concerns over inflation, behaving more as a real rate proxy rather than inflation hedge.”


Recommended Reads

  • Euler Finance’s Michael Brantley on retroactive airdrops:

  • Edward Snowden on CBDCs:

  • Decrypt on crypto’s exclusivity problem:


On The Pod…

Visa Is Building Infrastructure for NFTs, Smart Contracts, and L2s. Why? 

  

Cuy Sheffield, Visa’s head of crypto, discusses Visa’s crypto game plan, stablecoin regulation, NFTs, and more. Show highlights:

  • Cuy’s background and his journey down the crypto rabbit hole
  • how Visa and cryptocurrency can coexist
  • why crypto companies and fintech companies are similar
  • what Visa is trying to solve for consumers regarding cryptocurrencies
  • how cross-chain payment infrastructure would work
  • why Visa requires enhanced diligence for crypto companies
  • what countries can learn from stablecoins when building CBDCs
  • why Visa is creating a universal payment channel for CBDCs and other cryptocurrencies
  • why Visa chose USDC to begin making payments with
  • the two main reasons why stablecoins are used (hint: it’s not for buying cups of coffee)
  • how cryptocurrency is changing financial education and inclusion
  • how crypto’s open-source ethos is helping underserved and emerging markets build financial infrastructure
  • why NFTs are Cuy’s favorite topic
  • how NFTs level the playing field for black artists (and artists in general)
  • why Visa purchased a CryptoPunk and how other businesses could leverage NFTs

Book Update

My book, The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze, is now available for pre-order now.

The book, which is all about Ethereum and the 2017 ICO mania, comes out Jan. 18. Pre-order it today!

You can purchase it here: http://bit.ly/cryptopians

Source: https://unchainedpodcast.com/the-timeline-of-jpmorgans-ceo-hating-on-bitcoin/

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