This is Jamie Dimon, the chairman, and CEO of JP Morgan Chase. Back in 2017 during the last Bitcoin bull run, he was considered as one of the most influential critics against the use of Bitcoin as a digital currency.
He is famously known to have said that Bitcoins were “a fraud”.[1] ( at the time Bitcoins were trading at around $4200. 3 months later, Bitcoins hit an all-time high of $19700, and then, as we all know, the Bitcoin crash followed soon after.
Months later, however, Jamie backtracked from his previous stand and is often quoted to have said to love the technology behind the cryptocurrency and that he ‘regretted calling bitcoin a fraud’.
Finally, in May 2020, JP Morgan Chase started providing banking services to Bitcoin businesses. Somewhere in between, the critics became the backers. Why?
Why did everything change?
Broadly speaking, 3 reasons influence the price and general acceptance of a cryptocurrency ( here Bitcoin )
- Institutional investments and backing
