JPMorgan Chase is widely seen as one of the most innovative and successful Wall Street banks of our time, and a lot of the credit lands squarely on the shoulders of its CEO, Jamie Dimon.
Dimon, a longtime Wall Street exec who successfully navigated JPM through the 2008 Financial Crisis, has amassed a multi-billion-dollar personal fortune, making his one of the most influential voices on Wall Street.
So when Dimon slammed Bitcoin (CCC:BTC-USD) this past week at a virtual conference and said the crypto was “worthless,” some ears perked up.
But not mine.
Because, for all the respect that I have for Dimon and his decades of experience and success on Wall Street, I think his opinion on Bitcoin is worthless.
Put simply, he’s been dead wrong about Bitcoin for about seven years now, a stretch where Bitcoin prices have soared about 14,150%.
Let’s look at some of the highlights:
In 2014, Dimon called Bitcoin a “terrible store of value.”
A year later, he said it “will not survive” and “will be stopped.”
At the Davos World Economic Forum in early 2016, Dimon said Bitcoin is “going to go nowhere.”
In 2017, he outright called it a “fraud.”
Last year, he said it wasn’t his “cup of tea,” and now, he’s saying its “fool’s gold” and “worthless.”
Yet, through all those comments, Bitcoin prices have risen from $400 to $3,000 to $20,000, and now to $60,000.
It’s been the best-performing asset class of the decade. In fact, per our analysis of modern financial markets, long Bitcoin has been the best trade ever. Dimon, however, has been on the wrong side of it for nearly a decade.
So, I think it’s safe to say that Dimon’s opinion on Bitcoin is worthless. As for Bitcoin itself, it’s anything but that.
By decentralizing the flow of money and democratizing access to financial services and banking, Bitcoin promises to upend the financial world as we know it and replace today’s banking titans with a free money system that doesn’t produce multi-billionaires, but rather, enables all of us to participate in freer, faster, and fairer economic system.
Perhaps that’s why Dimon hates Bitcoin so much. It represents an existential threat to his bank’s very existence.
In a world where Bitcoin is ubiquitous, JPMorgan doesn’t need to exist – or, perhaps more accurately, it exists in a much smaller capacity than how it exists today.
Dimon doesn’t want that to happen. The rest of the world, however, does – because we’re tired of the fees, interest, and hassle that comes with legacy banking. A 2020 survey from The Tokenist found that a jaw-dropping 47% of folks already trust Bitcoin over big banks.
The writing is on the wall.
Old school Wall Street execs can slam Bitcoin all they want. But consumers, enterprises, governments, and even banks themselves are embracing cryptos.
Over the next several years, the financial world will fundamentally change, as cryptos become a global ubiquity – and big banks that don’t adapt to this change will face obsolescence.
For all Dimon’s tough talk on Bitcoin, his bank – JPMorgan – is doing everything it can to adapt to the crypto future. It’s launched its own crypto, JPMCoin, and just announced intentions to let clients buy and sell cryptos.
The investment implication, of course, is that you shouldn’t join Dimon in being on the wrong side of the best trade in history.
Instead, you should take the counter, and join the Crypto Revolution.
That’s where we come in.
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It’s an amazing team.
And that team is putting all our top crypto picks into an investment research product called Crypto Investor Network, which – as the name implies – is dedicated exclusively to investing in the crypto markets.
So far, we’ve netted a cool average return of 140% per crypto. And we think the best is yet to come.
So… forget Jamie Dimon… join us now and plug into the Crypto Revolution.
On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.