Bitcoin (BTC) has had a turbulent relationship with major financial institutions over the years, with many dismissing the cryptocurrency altogether for years.
One of the most dramatic comments made by the finance bigwigs – both for its severity and for its timing – came on October 10, 2021.
Specifically, Jaimie Dimon, the CEO of JPMorgan (NYSE: JPM), said he believed BTC was ‘worthless.’
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Considering the cryptocurrency’s performance in 2024, it isn’t difficult to see that the value estimate was incorrect, as Bitcoin price today stands at $60,972. The coin is 43.54% in the green in the year-to-date (YTD) chart and 100% above the CEO’s estimate.
Perhaps the most interesting element of the situation is that any investor who decided to buy $1,000 worth of BTC on October 10, 2021, to spite Dimon, would have $1,113 – only $113 more – today, exactly three years later.
As it turns out, the CEO of the world’s biggest banks by assets under management (AUM) was outspokenly negative even as Bitcoin was trading at $54,771.58 – relatively close to an all-time high (ATH) it surpassed only in March 2024.
JPMorgan remains negative about Bitcoin yet adopts it
Another interesting element to the story is that, despite Dimon’s opinion of Bitcoin, JPMorgan was already offering exposure to cryptocurrency funds for its institutional investors.
In 2024, the relationship only deepened, and CEO Dimon stated in September of the year that his bank is now probably ‘one of the bigger users’ of blockchain.
Still, neither this change nor the broadened institutional adoption – best seen in the proliferation of spot BTC exchange-traded funds (ETFs) – has changed Dimon or JPMorgan’s stance.
Indeed, the CEO still regards cryptocurrencies as ‘pet rocks,’ and the bank’s analysts have repeatedly doubted the sustainability of the 2024 digital asset bull market.
Dimon explained away the apparent dissonance between the stance and the services offered in 2021 when he opined that JPMorgan’s clients are all adults and that disagreements make markets.
How much has really changed for Bitcoin in three years?
Though little has changed for Bitcoin at the surface level – particularly if one looks only at the BTC price on October 10, 2021, and October 10, 2024 – there is an ocean between today and the market three years ago.
Along with the ETF approvals, numerous technological and regulatory developments have occurred, and the price variations over the years have been staggering.
Additionally, not only has Bitcoin reached a new ATH price above $73,000 in March 2024, but many now believe it could soon reclaim it and then exceed it as the market has entered the historically strong ‘Uptober.’
Despite some headwinds keeping BTC prices close to $60,000, some market strategists, including Roy Mattox, recently reported being ‘perplexed’ that the coin is not trading at its highs.
Simultaneously, Mattox has called on investors to be patient and estimated that Bitcoin will enter a staggering rally as soon as it climbs back to $73,000.
