Banking giant JPMorgan Chase & Co. is not much of a bitcoin fan. The $2.63-trillion behemoth found itself on the opposite side of cryptocurrencies ever since its chief executive officer, Jamie Dimon, called bitcoin a fraud. He said in 2017 that the cryptocurrency was “not a real thing,” and will eventually die.
Two years later, bitcoin is well and alive, sitting atop a $141.8 billion valuation at press time. It is likely to grow further as a wave of mainstream financial institutions builds an investment-worthy infrastructure around it. Fidelity Investments and TD Ameritrade, for instance, are close to offering Bitcoin trading services to their institutional clients.