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Jamie Dimon Called Bitcoin "A Fraud" at $4,000. Whoops.

Posted December 14, 2024

"Bitcoin is a fraud. It's worse than tulip bulbs. It won't end well... someone is going to get killed. It's just not a real thing, eventually it will be closed."

— Jamie Dimon, CEO of JPMorgan Chase

2017-09-12

What Actually Happened

When Jamie Dimon called Bitcoin a fraud in September 2017, it was trading around $4,000. He even threatened to fire any JPMorgan trader caught dealing in cryptocurrency, calling them "stupid."

Fast forward to 2024: Bitcoin has surged past $100,000 — a 2,400%+ increase from when Dimon made his proclamation. Even more ironic, JPMorgan Chase itself now offers Bitcoin-related products to its wealth management clients, and the bank has been involved in blockchain technology development. Dimon has since softened his stance considerably, though he still claims to personally not care about Bitcoin.

Jamie Dimon Called Bitcoin "A Fraud" at $4,000. Whoops.

What Actually Happened

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