- JPMorgan’s CEO has reportedly changed his mind on BTC.
- The crypto market community was divided over Dimon’s reported change in stance on BTC.
JPMorgan’s longtime CEO Jamie Dimon Bitcoin [BTC] critic, has emerged as one of Donald Trump’s potential candidates for the US Treasury Department.
In a recent Bloomberg interview with Trump, the former president complimented Dimon and began:
“Jamie Dimon was, you know, very negative, and now all of a sudden he’s changed his tune a little bit.”
The report added that the former president would reconsider Dimon as finance minister.
However, JPMorgan’s chief and chairman have always been negative about Bitcoin, the largest digital asset.
Although Dimon recognized the potential of blockchain technology, he did not see any use case for Bitcoin and equated BTC to a “pet rock“ in March.
“There are cryptocurrencies that do something that can have value. And then there is one that does nothing; I call it pet rock. The Bitcoin, or something.”
Has Jamie Dimon’s crypto attitude changed?
The executive has continued his attacks on Bitcoin, at one point calling it a “Ponzi scheme.” His tough stance persisted even as part of Wall Street turned digital following the successful launch of BTC ETFs in the first quarter.
In fact, in December 2023, Dimon suggested that he would “shut down crypto and Bitcoin” if he were in the federal government.
As a result, crypto market commentators have expressed reservations about Trump’s reported “change” in Dimon’s position on Bitcoin and the industry as a whole.
For his part, Ben Sparango from the Solana Foundation named the alleged change as,
“This seems more like a Trump exaggeration than an actual reflection of Jamie’s change in stance on crypto.”
However, other industry players, such as David Bailey of Bitcoin Magazine and part of Trump’s campaign team, believe that the former president convinced Dimon to change his mind about Bitcoin.
Meanwhile, the odds of Trump winning the 2024 US presidential election are over 60%, and it appears the markets may be starting to price his potential victory.
Source: Polymarkt
Despite his coziness towards Dimon, a Trump victory is expected to strengthen the crypto markets, as predicted by market analysts Alex Kruger. Kruger argued that
“The Trump administration could pursue supportive regulations for cryptocurrencies, encouraging innovation and adoption.”
Meanwhile, BTC was rejected at $65,000 and consolidated below that level, ahead of the likely launch of the Ethereum ETF on July 23.