Only a few years ago JP Morgan called cryptocurrency a FRAUD, now JP Morgan and other financial institutions are trying to flip each other in cryptocurrency investments!

It was only a few years ago that JP Morgan was calling cryptocurrency a fraud for years.

In 2017, Dimon talked on every media outlet how cryptocurrency would be disastrous.

In 2019, Dimon started to have a change of heart and declared a JPM coin would be created. The first bank backed cryptocurrency... he wasn't kidding, JPM coin is real.

JPM Coin is a permissioned, shared ledger system that serves as a payment rail and deposit account ledger, enabling participating J.P. Morgan clients to transfer US Dollars held on deposit with J.P. Morgan. JPM Coin facilitates real-time value movement, helping to solve common hurdles of traditional cross-border payments.

I thought Dimon was so stupid to call cryptocurrency a scam and a fraud for YEARS! He got the media attention he wanted, but eventually realized he was EXTREMELY WRONG. He saw his competitors get on board with cryptocurrency with investing, research, and hands-on approach by hiring developers to create what the company needed.

In 2022, news headlines are filled with institutional reach into cryptocurrency and how JP Morgan is trying to beat competitors in cryptocurrency investments and usage. How times have changed!

My point is, just like JP Morgan and Jamie Dimon was 100% against cryptocurrency and is now interested and taking part in the community is a game changer. For every cryptocurrency hater and shaker you know in the community, don't give up on them. It may take years like it did for Jamie Dimon, but eventually, they will come around and embrace cryptocurrency and digital currencies.

TLDR: Institutions went from calling cryptocurrency a fraud to being one of the biggest cryptocurrency investors. Cryptocurrency haters will eventually come around, even though it may take years for some! Don't give up brothers and sisters and cousins!

Sources:

https://www.cnbc.com/2017/09/12/jpmorgan-ceo-jamie-dimon-raises-flag-on-trading-revenue-sees-20-percent-fall-for-the-third-quarter.html

https://www.cnbc.com/2019/02/13/jp-morgan-is-rolling-out-the-first-us-bank-backed-cryptocurrency-to-transform-payments--.html

https://www.jpmorgan.com/solutions/cib/news/digital-coin-payments

https://decrypt.co/96284/caitlin-long-how-jp-morgan-flipped-goldman-sachs-in-crypto