CEO of Chase Bank Jamie Dimon has claimed Bitcoin as a ‘fraud’, commenting that it was in a bubble, which would have likely increased the sell walls falling news of the exchange ban(s) in China.
Surprisingly however, rumours have spread the internet showing what is a somewhat unexpected move, JP Morgan purchasing a large block of Bitcoins, following the CEO’s harsh criticisms – read the tweet below.
The picture aboves shows a tweet by Twitter user ‘I am Nomad’, showing circled information about JP Morgan Chase and their Bitcoin purchases.
The growing mainstream acceptance and financial normalisation of Bitcoin that seems to be taking place indicates that the prediction of Dimon may not be solid after all.
Dimon believes that Bitcoin is in a bubble. However, whether it is in a bubble or not, would be relative to an individuals perspective. The dotcom frenzy was a bubble in 2000, however the internet changed and is continuing to change the way we administer our day to day lives. Similarly, Railways were also a bubble in the 19th century; however has now significantly contributed to the lives of many. In each case, the bubble meant a foundation was built; which is quite similar to what’s happening right now, not just in terms of Bitcoin, but various different cryptocurrencies (or crypto-assets).