HomeInvestingBanks warm up to BTC, Jamie Dimon stuck in the past

Banks warm up to BTC, Jamie Dimon stuck in the past

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The internet still rings with the sound of Jamie Dimon’s comment that he doesn’t care about Bitcoin. However, Morgan Stanley has warmed up to the idea, as crypto investment firms like Grayscale raised millions.

Jamie Dimon

Last year in September, the public saw Dimon label Bitcoin as “a fraud”, according to a Reuters report.

Earlier this year in January, CNBC reported on Dimon’s regret in saying Bitcoin was a fraud, rebounding with his positive thoughts about the underlying technology.

While speaking at a conference (Axios) a few days ago, one of the moderators asked Dimon if he had changed his mind about Bitcoin, to which Dimon responded – “I never changed what I said, I just regret having said it”, as reported by CNBC via video.

CNBC’s video then shows Dimon explaining that he didn’t want to be the spokesperson opposing Bitcoin, because he simply doesn’t care about it, stating – “I don’t really give a sh*t — that’s the point”.

Mainstream Banks Take Interest

Banks and institutional players are starting to show sentiment opposite that of Dimon’s, as “Morgan Stanley is reportedly preparing to offer bitcoin swap trading for clients, joining other top banks in a sectorwide effort to explore digital currencies” CNBC recounted today.

Morgan Stanley is a big name in finance, with a market cap of $97.7 billion, and over 57,000 employees, according to Forbes.

Late August of this year also brought news of Bank of America showing interest in the crypto space. Ethereumworldnews.com reported that “Bank of America, the second largest banking chain in the United States, has recently filed its second patent related to cryptocurrency custodian control”. The patent pertained to crypto asset storage for sizeable interested players.

Change in sentiment is apparently not uncommon in this case however. A February report by CNBC showed Bank of America concerned about cryptocurrency, with fears of losing customers.

Big Players Still Coming, Even After A Tough Year

The overall market cap for cryptocurrency is a shell of what it once was, at just over $200 billion according to Blockmodo. But that apparently hasn’t stopped institutional parties from becoming interested.

Grayscale, a cryptocurrency investment firm in New York, has drawn in about $330 million this year, according to yet another CNBC report. Institutional investors like hedge funds for example, account for roughly 70% of that money. Cryptocurrency participation with Grayscale also requires investor accreditation.

Will the crypto space see the public changing their minds in the future, looking at the industry with further optimism?

“I feel I change my mind all the time. And I sort of feel that’s your responsibility as a person, as a human being – to constantly be updating your positions on as many things as possible. And if you don’t contradict yourself on a regular basis, then you’re not thinking.” – Malcolm Gladwell

*Crypto Insider is sponsored in part by Blockmodo. as part of our arrangement with them, Crypto Insider may occasionally link to, and quote, Blockmodo when appropriate. this is done at the discretion of our staff. Crypto Insider sponsors have no say in any of our editorial decisions.

Written by

BJ is a full time writer, editor, and trader in the cryptocurrency space. He has written many professional articles for numerous ICOs, news sites, and other interested parties in the crypto space. He is also a trader, staying up to date with the crypto markets constantly, and dabbling in traditional financial market trading occasionally.

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