PIVOT. Jamie Dimon (CEO of JP Morgan Chase) seems to have done an about face for his bank by actually acknowledging…….gasp……..that cryptocurrencies may be a good investment. SAY WHAT? Only five months ago Jamie was calling bitcoin “a fraud” and threatened any employees caught trading the asset would be fired “for being stupid”. But now an internal in-depth JP Morgan report just released makes the case that digital assets spawned by bitcoin MAY make a smart investment. They still don’t think digital coins will ever replace national currencies (euro, dollar, yuan, etc) but, BUT only a few months ago they had a different opinion………so think for yourself. Bottom line? Lets go a bit easier on Mr Dimon. Nice pivot.
(Bill Taylor/Founding Editor)
“An in-depth report on cryptocurrencies just released by JPMorgan Chase says the class of assets spawned by bitcoin is here to stay, and may even represent a smart investment, despite the unlikelihood that digital coins will ever displace national currencies such as the dollar and euro.
Highlighting the incredible returns enjoyed by many cryptocurrency investors, as well as the assets’ low correlation to traditional investments, such as stocks and bonds, the report says that digital currencies ‘could potentially have a role in diversifying one’s global bond and equity portfolio.’
Had Las Vegas oddsmakers been forced to choose the Wall Street bank most likely to admit the value and staying power of cryptocurrencies, it seems unlikely that any would have chosen JPMorgan. Just five months ago, the bank’s CEO, Jamie Dimon, was railing against bitcoin, calling it a ‘fraud.’ Any of his employees caught trading the speculative asset, he said, would be fired ‘for being stupid.’
The new report strikes an altogether more positive note. While noting the speculative fervor that fuels cryptocurrency markets, the report’s authors say the markets ‘have been sending the right signals in recent months.’…”