Jamie Dimon has become the center stage for comedy lately after he mentioned Bitcoin as Fraud. Although it shows his ignorance towards an entire ecosystem, today the crypto market cap has surpassed Dimon’s JP Morgan Chase market cap of 365 billion. As bitcoin reaches new heights of 17,500$ per Bitcoin the market cap has taken off way above most of the companies in the Wall Street. It may not sound like a fair comparison however considering the fact that crypto investors were cornered by Wall Street makes it fair.
The market-cap of cryptocurrency just crossed 415 billion breaking all level high’s whereas JP Morgans market cap is around 365 billion. In the past Wall-Streeters like Jamie Dimon, Ray Dalio and many more have openly criticized and passed negative statements about the crypto space. It will be a matter of time before these well-known Wall Street personalities turn their table and embrace cryptocurrency to their systems.
The cryptocurrency ecosystem is a fundamental shift how the currency banking system works which actually threatens them. Hence it’s also possible for such personalities to play the game so that their investors stay away and less people invest into cryptocurrency space. Often such negative statements shows their reluctance to understand the technology or want to have free press at times.
JP Morgan CEO even went to the extent of saying he will fire anyone who trades bitcoin at his company. This is basically saying employees are slaves without any freedom and they need to listen to him which question’s the fundamental value of freedom in the corporate space. Unfortunately these people get away with false publicity and still continue to be in power.
Starting next week CME group is starting to trade bitcoin futures which will change a lot in the Wall Street. Some of the big exchanges like NASDAQ is planning to trade cryptocurrency early next year.
It will be very interesting to know how this will settle down over time. Will it go the Jamie’s way or the other way is yet to know with the start of CME trading futures.
