[ad_1]
Six years in the past, in a now-famous CNBC interview, JP Morgan CEO Jamie Dimon made headlines with scathing remarks about Bitcoin, calling the digital cash system that transcends worldwide borders a “fraud” that may “finally blow up.”
In September 2017, throughout a convention in New York, Dimon said that Bitcoin was solely appropriate for “drug sellers and murderers.” He would later take again the feedback in 2018 after Bitcoin handed $20,000 that yr.
On the time, the Bitcoin market was nonetheless in its infancy, and plenty of conventional monetary leaders considered it with skepticism. Dimon’s feedback would reverberate by way of the monetary world, however little did he know that his phrases would come again to hang-out him.
Quick ahead six years, and the tables have turned dramatically. Bitcoin has not solely survived however thrived, changing into a official asset class and a family identify. Its worth has skyrocketed, making early buyers fortunes and attracting institutional curiosity. Bitcoin’s market capitalization has surged, and it has gained widespread acceptance as a retailer of worth and a hedge towards inflation.
Within the years following Dimon’s feedback, Bitcoin defied all odds and surged in worth, rising over 609,000%. Bitcoin was buying and selling at simply over $4,000 on the time of the feedback, however trades routinely at above $25,000 at this time.
As Bitcoin Historian Pete Rizzo commented on X at this time, the feedback stand in stark distinction given Wall Road’s current reversal on Bitcoin, with prime companies together with Blackrock and Constancy submitting for spot Bitcoin ETFs.
[ad_2]
Source link
