Bitcoin (BTC) has had a rocky relationship with major financial institutions over the years, many of which have rejected the cryptocurrency altogether for years.
One of the most dramatic comments from financial tycoons – both in severity and timing – came on October 10, 2021.
Most notably, Jamie Dimon, CEO of JPMorgan (NYSE: JPM), stated that he believes BTC is “worthless.”
Considering the cryptocurrency’s performance in 2024, it is not difficult to see that the value estimate was wrong, as Bitcoin’s price today is $60,972. The coin is 43.54% in green on the YTD (YTD) chart and 100% above the CEO’s estimate.
Perhaps the most interesting element of the situation is that any investor who decided to buy $1,000 worth of BTC on October 10, 2021, out of spite for Dimon, would have $1,113 today, exactly three years later—just $113 more.
As it turns out, the CEO of the world’s largest bank by assets under management (AUM) was outright negative, even though Bitcoin was trading at $54,771.58—relatively close to the all-time high (ATH) it only surpassed in March 2024.
JPMorgan Still Negative on Bitcoin, But Accepting It
Another interesting element of this story is that despite Dimon’s views on Bitcoin, JPMorgan was already offering its institutional investors access to cryptocurrency funds.
The relationship only deepened in 2024, with CEO Dimon saying in September of that year that his bank was now likely “one of the largest adopters” of blockchain.
However, neither this change nor broader institutional adoption—best seen in the proliferation of spot BTC exchange-traded funds (ETFs)—has changed Dimon’s or JPMorgan’s stance.
Indeed, the CEO still considers cryptocurrencies to be his “pet rocks,” and bank analysts have repeatedly questioned the sustainability of the digital asset bull market in 2024.
Dimon explained the apparent dissonance between the position and services offered in 2021 when he opined that all of JPMorgan’s clients are adults and that discord is what makes markets.
How much has Bitcoin really changed in three years?
While not much has changed on the surface level for Bitcoin—especially if you look only at the BTC price on October 10, 2021 and October 10, 2024—there is an ocean between now and the market three years ago.
Along with ETF approvals, there have been numerous technological and regulatory changes, and price fluctuations over the years have been staggering.
Additionally, not only did Bitcoin reach a new ATH price above $73,000 in March 2024, but many now believe it could soon reclaim and then exceed it as the market entered a historically strong “Uptober.”
Despite some headwinds keeping BTC prices around $60,000, some market strategists, including Roy Mattocks, recently reported that they are “perplexed” that the coin is not trading at its highs.
At the same time, Mattocks urged investors to be patient and estimated that Bitcoin will enter a stunning rally once it rises back to $73,000.
