Billionaire Bitcoin Critic Jamie Dimon admits BTC can 10x
Takeaways~
- The billionaire head of JP Morgan admits BTC can do 10x in 5 years
- Dimon has changed his position from 2017 when he called it a fraud
- His own firm JP Morgan, has quietly been embracing crypto
Jamie Dimon, the famed investor and CEO of JP Morgan has historically been a massive critic of Bitcoin and crypto, but according to a new interview with the Times of India, he admits that it can “go 10x from here”. It is an interesting turn of events, not only because Dimon has said in the past that Bitcoin is illegitimate, but because his company, JP Morgan, came out this past weekend and said that institutions were shifting their positions into Ethereum, as we reported on Sunday.
Suggested Read: JP MORGAN SAYS INSTITUTIONS BUYING ETHEREUM AMIDST HIGH DEMAND
Now, what the researchers at Morgan said about Ethereum being stronger than Bitcoin may be short term analysis, and of course when you look with a longer time horizon, it is clear Bitcoin and Eth will both continue to grow in adoption and price. Nevertheless, it appears the Wall Street giant and their chief, Mr. Dimon, are becoming more keen on both Eth and Bitcoin.
It is clear Dimon is softening his position on Bitcoin. in 2017, he called Bitcoin an outright fraud, and even went as far as to say that “Bitcoin is worse than tulip bulbs. It won’t end well. Someone is going to get killed.” Pretty dramatic. Now his tone has drastically changed. In the interview, Dimon still says he “doesn’t care about Bitcoin” but admits it can go up 10x in 5 years.
He went on to say: “I am not a buyer of bitcoin. I think if you borrow money to buy Bitcoin you are a fool. That does not mean it can’t go 10 times in price in the next 5 years”. Dimon then says that he is not surprised there is such a high degree of speculative assets in the market, because there is a massive amount of liquidity in the system. As you can see, it is quite the about-face to go from calling it a fraud as your major critique, to only saying you’re not a buyer, and its speculative, but it could go 10x in the next 5 years.
Dimon said Bitcoin will face regulation, and that regulation “may constrain Bitcoin”. However, people like Michael Saylor have argued that regulation for Bitcoin is in fact a good thing, as it will provide a clarity around the industry and allow it to be less volatile and adopted more. Dimon compared the speculation of crypto to internet stocks and beanie babies. But judging by his own softened rhetoric, he is basically coming to terms with the fact that Bitcoin is not a flash in the pan, like beanie babies or internet stocks. Bitcoin has proven its worth in the market for over a decade.
The beanie baby craze only lasted about a year, and the dot com bubble only lasted from 1997 to 2002. By 2003, the market has completely recovered. With a solid decade trading in the market, crypto has already seen many of these crashes, which contributed to the health of the market. Take 2017, for example, when Bitcoin went from 2,000 to 20,000, only to come back to 3,000. Did Bitcoin die after this? Obviously not, and the market is stronger than ever.
Just add Dimon to the growing list of Bitcoin haters that have softened their positions on crypto, and even become zealots for it. He is obviously not a zealot, but if Bitcoin was a “fraud” like Dimon said in 2017, then i’m pretty sure he wouldn’t be saying in 2021 that it “could 10x in 5 years”. Remember when Mark Cuban said he’d rather buy bananas than Bitcoin? It is clear that the demand for Bitcoin is turning even the haters bullish. As Jamie Dimon said in June about Bitcoin, “clients are interested, and I don’t tell clients what to do”. And this is clearly the case, as JP Morgan has opened up access to Grayscale and Osprey funds–both of which are dedicated to crypto.
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Text source: CryptosRus
