A billionaire who used to criticize Bitcoin is now one of Bitcoin’s wealthiest supporters?
He used to call cryptocurrencies as a fraud. Yes, that’s how much he hated and ignored the power of cryptocurrencies before. He has been popular for tagging fraud and scam to cryptocurrencies. He WAS one of the non-believers. Well, look how time changed all things? Blockchain starts getting the acknowledgment it deserves on Wall Street. Now, does that make way for Bitcoin’s acknowledgment in the trading hub of the biggest financial markets in U.S.?
Who was I talking about? I’m talking about none other than Jamie Dimon.
According to reports in the Wall Street Journal, JP Morgan Chase is considering providing access to the Chicago Mercantile Exchange’s (CME) Bitcoin futures trading through its futures platform. The CME’s announcement last week regarding the addition of Bitcoin futures sent prices of the cryptocurrency to new all time highs over $8,300. According to the report:
“J.P. Morgan is considering whether to provide its clients access to CME’s new Bitcoin product through its futures-brokerage unit.”
The irony of the announcement, of course, is that Jamie Dimon has been the most outspoken critic of Bitcoin on Wall Street, calling it a ‘fraud’ and saying that anyone who invests in Bitcoin is ‘stupid’. Dimon also said he would fire anyone caught investing in it – a promise which he has yet to fulfill.
The strongly negative leanings of some Wall Street pundits have been matched by the positive outlooks from others. However, whether Jamie gets in or not, Bitcoin futures will likely become a reality in early December, powerfully increasing adoption