JPMorgan CEO changes his mind about Bitcoin (BTC) and other cryptocurrencies

Thu 30 Sep 2021 ▪ 19h20 ▪ 3 min read — by James Taylor

Despite crypto’s growing popularity, many still don’t acknowledge it and only invest in fiat assets. They justify their distrust by digital assets’ high volatility, which, in their opinion, doesn’t let investors make money in view of the huge risk of losing all their investments.

Another reason for distrust is the vulnerability of many protocols, which, of course, negatively affects their popularity. Continual hacker attacks are common in the industry, and given crypto’s inherent anonymity, criminals often get away with it.

Nevertheless, the aforementioned disadvantages don’t prevent most investors from buying crypto. Many of them even believe that cryptocurrencies are the most profitable investment, with their volatility regarded as a minor inconvenience.

Jamie Dimon changes his mind  

Over time, even the harshest critics of the crypto industry come round and decide to give digital assets a chance. Take Jamie Dimon, CEO of one of the biggest financial institutions in the world, JPMorgan. Jamie viewed Bitcoin and other cryptocurrencies negatively for many years and was unapologetically upfront about that in his remarks.

However, with cryptocurrencies growing in popularity, the blockchain has been used to create various highly successful projects, the NFT (non-fungible token) market being just one of the examples. Finally, JPMorgan itself announced the creation of its Bitcoin fund in April and, of course, this couldn’t be ignored by its CEO. As a result, his opinion about cryptocurrencies has started to shift.

“Bitcoin price could 10x in the next five years”

Now, after almost 10 years of digital asset criticism, Jamie Dimon has finally changed his mind, making a bold statement about BTC’s potential.

JPMorgan CEO’s change of heart once again proves that cryptocurrencies are taking over the global financial system. The crypto industry is definitely promising if one of its main critics thinks so!

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James Taylor

Trends are temporary. The blockchain isn’t a trend; it’s the future. I want to help as many people as possible understand it in a simple, clear and interesting way.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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