JPMorgan:
From crypto skeptic to joining the metaverse
A 🧵 on their journey
1/ Jamie Dimon, CEO of JP Morgan on crypto:
2014: Bitcoin is a terrible store of value
2015: Bitcoin will not survive
2016: Bitcoin is going nowhere
2/ In 2017, Dimon said that crypto “won’t end well,” calling it a fraud.
Additionally, he added that he would fire employees who trade #Bitcoin
3/ However in 2019, JPMorgan begins its crypto journey with its own crypto
They unveiled the JPM Coin enabling 24/7, business-to-business money movement
4/ In 2020, JPMorgan extends banking services to #Bitcoin exchanges and creates its blockchain unit
5/ In Feb 2021, JPMorgan stated that #Bitcoin could make 1% of investors' portfolio.
In June, JPMorgan expresses interest in giving all wealth management clients access to crypto funds through its advisors.
6/ In January of 2022, JPMorgan's report compares Bitcoin to Gold
It stated Bitcoin possesses 6 advantages and 2 disadvantages over gold
7/ In Feb 2022, it releases a report stating that NFTs will likely dominate the digital asset space
It also stated that Bitcoin's fair value was $38k but that it could reach $150k
8/ On the same month, JPMorgan becomes the first bank to join the metaverse with a virtual Decentraland lounge
9/ However, its CEO still remains a bit skeptical of crypto saying that they aren't real currencies
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