Earlier on Tuesday, at different conferences around New York, JPMorgan Chase chief executive Jamie Dimon took aim at bitcoin, calling the cryptocurrency “a fraud” and “worse than tulip bulbs.”
This skepticism by one of Wall Street’s titans, and its reflection in many offices and hallways in top financial services companies, is perhaps one of the strongest cases for bitcoin’s lasting importance.
Let’s be clear, Dimon’s firm is one of the chief architects of the global financial crisis that led to the interest in a somewhat arcane cryptocurrency in the first place. There would be no bitcoin without Jamie Dimon — and in some ways he’s right to fear its rise.
As a Vanity Fair piece revealed last week, JPMorgan Chase paid out $13 billion (with a “b”) to the U.S….