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Jamie Dimon, the CEO of JPMorgan Chase & Co (NYSE:JPM), is known for his no-holds-barred attacks on Bitcoin (CRYPTO: BTC), despite the banking giant's investments in exchange-traded funds tied to the leading cryptocurrency.
What happened: Speaking at an investor conference almost exactly seven years ago, Dimon dubbed Bitcoin as "fraud" and "worse than tulip bulbs," in reference to the Dutch tulip mania in the 17th century.
The remark that gained the most notoriety was when he said he would "fire in a second" any JPMorgan trader caught trading in Bitcoin.
When Dimon made these remarks, one Bitcoin was priced at $4,161.27. Today, the coin's price has ballooned to $57,926, indicating a massive 1,292% increase.
Why It Matters: Dimon's criticism of Bitcoin has continued unabated, and he went so far as to ask for a shutdown of the industry during a Congressional testimony in December last year.
However, his stance remarkably softened just a month later when the first-ever Bitcoin ETFs saw the light of day. Dimon said, "I defend your right to do Bitcoin."
According to the recent filing with the SEC, JPMorgan reported holding $42,000 worth of shares of Grayscale Bitcoin Trust (NYSE:GBTC). It also liquidated its entire portfolio in the iShares Bitcoin Trust ETF (NASDAQ:IBIT) which was acquired in the first quarter.
Price Action: At the time of writing, Bitcoin was exchanging hands at $57,947.66, up 2.50% in the last 24 hours, according to data from Benzinga Pro. Shares of JPMorgan closed 0.78% higher at $207.17 during Thursday’s regular trading session.
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Photo courtesy: Flickr
