On Nov. 24, bitcoin recorded its newest all-time high at $19,000. After reaching a new peak, Bitcoin has now surpassed JPMorgan which has a market cap of $349.3B. This is just less than a month since it reportedly surpassed Paypal with a market cap of $280B when its price rose to $15,000.
On Nov. 18, the cryptocurrency recorded a new peak when its price soared to $18,000. There were speculations that a crypto exchange went temporarily offline due to the massive traffic on its platform caused by bitcoin’s previous price rally.
And again, it now surpassed the $18,000 mark after reaching its newest all-time high for the year. As of writing, bitcoin is now sitting confidently on its newfound price at $19,306. With its current price, bitcoin has now a market cap of $358.1B. Is it getting ready for another take-off? Or a retracement will soon follow? Bitcoin holders are getting more ecstatic about how the digital currency has been performing over the past few weeks.
Unfortunately, not for JPMorgan CEO Jamie Dimon who was known to be a critic of Bitcoin for a very long time. He used to call bitcoin a “fraud and scam”. In 2017, he even predicted that the cryptocurrency is going to crash soon. During an interview with CNBC, he said :
“It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed.”
But less than five months later, in an interview with the same news outlet, he retracted his words.
“I regret making those bitcoin remarks.”
According to recent reports, JPMorgan has accepted two crypto exchanges, Coinbase and Gemini as clients. But these two aren’t the first crypto clients that JPMorgan has. Tokensoft, a software vendor for security token services, has been one of its clients since 2017.
Does JPMorgan CEO have a change of heart on bitcoin? Not too fast. In the recently concluded New York Times DealBook Online Summit on Nov. 18, Dimon stated “Bitcoin is kind of different and it’s not my cup of tea.”
Despite the ongoing Bitcoin rally, some people can never and will never be fond of the cryptocurrency. Primarily, this can be contributed to bitcoin’s volatility. As the famous saying goes “You cannot please everybody” and this is relatively true to Bitcoin. We have the “staunch bitcoin supporters” on the other side and the “bitcoin haters” on the other side. Now, which side are you on?