Why is Jamie Dimon so fickle on Bitcoin?

Have you ever been fickle about something?

Ever hesistated back and forth over a decision?

Ever said yes to something, only to say no to it again, then yes again somehow?

Don’t worry, you aren’t alone.

It seems to affect everyone, even if you are the mighty king of JPMorgan, an investment bank worth over $300B.

One thing you have to understand is that Jamie Dimon, the CEO of JPMorgan, is an absolute beast of a CEO.

He is consistently ranked as one of the best leaders of our generation and a powerful figure in finance.

With a balance sheet of $2.87T, you can say that Jamie is one of the most powerful leaders in the world after the POTUS.

With such immense influence and power, your words have extraordinary effect.

So one should expect Jamie to be very careful with his words and be extra cautious especially when it comes to touchy topics like crypto and Bitcoin.

Oh boy, Jamie was so fickle about his love/hate for #BTC.

I didn’t have the time to track everything Jamie said, but here is a quickie:

2014: he told CNBC that Bitcoin was a terrible store of value.

2017: he said Bitcoin was a fraud and “It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed,”.

2019: he launched JPM Coin, a US dollar pegged stablecoin.

2021: he said bitcoin is ‘a little bit of fool’s gold’.

2021: he announced that JPMorgan clients can now buy Bitcoin (hooray!)

2021: he went to the annual meeting for the Institute of International Finance and said “he personally thinks Bitcoin is worthless”.

2022: he then wrote in his shareholders’ letter that JPMorgan is at the “forefront” of these crypto innovations.

Come on Jamie.

I like you.

I really do.

I respect your work ethic, your astute business mind and leadership qualities.

But please make up your mind.

Do you or do you not love Bitcoin?

You are giving us mix signals, like a drunk person at the bar.

I do see why a bank like JPMorgan would be opposed to Bitcoin.

Bitcoin was designed specifically to counteract big banks like JPMorgan and possibly overthrow them.

It is natural for banks to hate Bitcoin or at least not support them.

But as Bitcoin goes more mainstream, the market demands for it, appetite grows and soon, no one will be able to avoid Bitcoin’s inevitability.

Back to Jamie.

Was he intentionally trying to be vague?

Or could it be his long-term strategy all along?

To deliberately not have a clear stand.

To stall for time and placate subtly.

Until the right opportune moment, he crystalised his stand and claim the win.

Could be a long-term play that he is deploying.

Let’s see shall we?

-

Are banks afraid of Bitcoin?

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#startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #eth #btc #crypto #jpmorgan #markets #bearmarket #NFT #jamiedimon #jamie #tulip #foolsgold

Why is Jamie Dimon so fickle on Bitcoin?

Have you ever been fickle about something?

Ever hesistated back and forth over a decision?

Ever said yes to something, only to say no to it again, then yes again somehow?

Don’t worry, you aren’t alone.

It seems to affect everyone, even if you are the mighty king of JPMorgan, an investment bank worth over $300B.

One thing you have to understand is that Jamie Dimon, the CEO of JPMorgan, is an absolute beast of a CEO.

He is consistently ranked as one of the best leaders of our generation and a powerful figure in finance.

With a balance sheet of $2.87T, you can say that Jamie is one of the most powerful leaders in the world after the POTUS.

With such immense influence and power, your words have extraordinary effect.

So one should expect Jamie to be very careful with his words and be extra cautious especially when it comes to touchy topics like crypto and Bitcoin.

Oh boy, Jamie was so fickle about his love/hate for #BTC.

I didn’t have the time to track everything Jamie said, but here is a quickie:

2014: he told CNBC that Bitcoin was a terrible store of value.

2017: he said Bitcoin was a fraud and “It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed,”.

2019: he launched JPM Coin, a US dollar pegged stablecoin.

2021: he said bitcoin is ‘a little bit of fool’s gold’.

2021: he announced that JPMorgan clients can now buy Bitcoin (hooray!)

2021: he went to the annual meeting for the Institute of International Finance and said “he personally thinks Bitcoin is worthless”.

2022: he then wrote in his shareholders’ letter that JPMorgan is at the “forefront” of these crypto innovations.

Come on Jamie.

I like you.

I really do.

I respect your work ethic, your astute business mind and leadership qualities.

But please make up your mind.

Do you or do you not love Bitcoin?

You are giving us mix signals, like a drunk person at the bar.

I do see why a bank like JPMorgan would be opposed to Bitcoin.

Bitcoin was designed specifically to counteract big banks like JPMorgan and possibly overthrow them.

It is natural for banks to hate Bitcoin or at least not support them.

But as Bitcoin goes more mainstream, the market demands for it, appetite grows and soon, no one will be able to avoid Bitcoin’s inevitability.

Back to Jamie.

Was he intentionally trying to be vague?

Or could it be his long-term strategy all along?

To deliberately not have a clear stand.

To stall for time and placate subtly.

Until the right opportune moment, he crystalised his stand and claim the win.

Could be a long-term play that he is deploying.

Let’s see shall we?

-

Are banks afraid of Bitcoin?

-

#startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #eth #btc #crypto #jpmorgan #markets #bearmarket #NFT #jamiedimon #jamie #tulip #foolsgold