Jamie Dimon

Jaime Dimon has been the chairman and CEO of US banking giants JP Morgan since 2005. He made the Time 100 — Time magazine’s yearly list of the 100 most influential people — in 2006, 2008, 2009, and 2011.
Share on facebook
Share on twitter
Share on linkedin
Share on telegram
Share on whatsapp
Share on reddit
Share on email

February 16, 2021

Jaime Dimon has been the chairman and CEO of US banking giants JP Morgan since 2005. He made the Time 100 — Time magazine’s yearly list of the 100 most influential people — in 2006, 2008, 2009, and 2011.

Dimon made headlines in 2017 when he declared Bitcoin a scam that would blow up. In a blistering conference speech, he didn’t hold back: “It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed.

He then went on to say that wouldn’t think twice about firing JP Morgan traders who bought Bitcoin: “It’s against our rules and they are stupid.”

Dimon’s remarks caused a stir, not least because they came at a time when Wall Street was starting to take cryptocurrencies seriously. Indeed, JP Morgan themselves were reportedly involved in some Ethereum blockchain projects at the time.

Just a few days after Dimon’s remarks, Citigroup CFO John Gerspach said,

We think the area of cryptocurrency and digital currency is an area worthy of exploration.

And JP Morgan’s CFO Marianne Lake also struck a more measured tone, saying that

We are open-minded for digital currencies that are properly controlled and regulated.

Dimon blasted cryptocurrencies on subsequent occasions, too. Answering a question at an Institute of International Finance Conference shortly after he made his infamous remarks, for instance, he repeated his view that

If you’re stupid enough to buy it, you’ll pay the price for it one day.

But in 2018, barely a year after his infamous remarks, he expressed his regret and retracted them:

The blockchain is real. You can have crypto dollars in yen and stuff like that. ICOs… you got to look at every one individually. The bitcoin was always to me what the governments are going to feel about bitcoin when it gets really big. And I just have a different opinion than other people.

Some facts

  • Dimon’s retraction couldn’t have come at a more convenient time for JP Morgan. Shortly thereafter, the bank launched a blockchain centre of excellence with the aim of “actualize[ing] enterprise-grade blockchain tools” and “drive[ing] industry standards.
  • JP Morgan came full circle in 2020, when their head of U.S. interest rate derivatives strategy hailed cryptocurrencies’ resilience and recommended them as institutional investments.
  • ‘…worse than tulip bulbs’ is a reference to a 17th century economic crash brought about by runaway speculation on the price of… tulip bulbs.


When tulips were introduced to Europe in the late 1500s, they were unlike anything grown natively, so they quickly became a sought after luxury item.

At the height of tulipmania, rare bulbs could fetch up to six times the average person’s annual salary. And this is when things went wrong.

Speculators started purchasing future consignments on credit, banking on the fact that they could sell them on at a profit. But once the novelty wore off, prices nosedived and people went bankrupt.

Want to know more?

  • Dimon made his negative opinion of Bitcoin known again when he testified in front of congress in 2018 shortly before his much publicised retraction. He was less blunt this time though, repeating the line that “We are supportive of cryptocurrencies as long as they are properly controlled.” Needless to say, Bitcoin supporters didn’t take his comments well and made their opinions very clear in the comments.
  • While their 2020 report on Bitcoin isn’t publicly available, this article highlights just how far in the other direction JP Morgan has gone since Dimon’s 2017 remarks. While arguing that Bitcoin is still primarily speculative, the report says that “there is little evidence of run dynamics, or even material quality tiering among cryptocurrencies, even during the throes of the crisis in March.” This, concludes the report, suggests Bitcoin passed its first stress test.

The Metaco view

JP Morgan’s change in tack from sceptics to endorsers shows we’re well and truly through the hype cycle. Having institutional investors on board can only increase trust in cryptocurrencies as a legitimate asset class. This will allow these assets to start fulfilling their potential.

Digital Assets are Coming of Age

Digital asset glossary

The A-to-Z of Digital Assets
Access the full digital asset glossary for decision-makers seeking to expand their knowledge with insights and signals from industry experts.
Share on linkedin
Share on twitter
Share on facebook
Share on whatsapp
Share on twitter
Share on linkedin
Share on facebook
Share on email
Share on whatsapp

Discover other concepts in our Digital Assets Glossary


Zero Knowledge Proof

Zero knowledge proof, also known as a ZK protocol, is a verification method in which knowledge can be proven without its content being revealed.

Read more »
AtoZ-Digital Assets Glossary-Definitions-Yield farming

Yield farming

Yield farming allows cryptocurrency holders to earn rewards — typically other crypto tokens — in exchange for lending out their coins.

Read more »
AtoZ-Digital Assets Glossary-Definitions-XBT


XBT is an abbreviation for Bitcoin. The main difference between XBT and BTC is that the former has been prescribed by ISO.

Read more »
METACO Digital Assets - Logo

Your request has been received.

In short time, you will receive the requested document, via email. Please make sure to check your spam folders in case it doesn’t arrive soon. 

Thank you for your interest.

Our sales team will get back to you shortly with more information about SILO.

Terms & Conditions

METACO SA is committed to protecting and respecting your privacy, and we will only use your personal information for the purpose of your enquiry.

By accepting this Terms and Conditions, you allow METACO SA to process your personal information to provide you the content requested, as well as regular information about our products, services and news.