Despite JPMorgan CEO’s Bitcoin Criticism, the Bank’s Crypto Team Is Expanding!

  • JPMorgan’s CEO has long been critical of leading cryptocurrencies. In the past, he compared Bitcoin (BTC) to terms such as ‘Ponzi scheme’ and ‘exaggerated fraud.’
  • Around JPMorgan, there are developments indicating increased involvement with blockchain technology, even if the bank does not directly invest in crypto assets.
  • According to reports, JPMorgan’s blockchain unit, Onyx, now has 300 employees, a significant increase from the mere 100 three years ago.

Despite JPMorgan Chase’s CEO Jamie Dimon’s harsh criticism of Bitcoin, the bank is rapidly expanding its crypto team!

JPMorgan CEO’s Crypto Team Expands

jpmorgan

Despite Jamie Dimon, the CEO of JPMorgan Chase, facing criticism for his recent statement that he would ‘shut down’ Bitcoin (BTC) if he were in charge during the Wall Street oversight hearing by the U.S. Senate Committee on Banking, Housing, and Urban Affairs on Capitol Hill, the bank is rapidly expanding its crypto team.

Jamie Dimon, the CEO of JPMorgan Chase, has long been a critic of leading cryptocurrencies. In the past, he compared Bitcoin (BTC) to terms such as ‘Ponzi scheme’ and ‘exaggerated fraud.’ Dimon continued his aggressive stance against BTC in his recent statement and called on the government to shut down the crypto industry.

However, there are some developments around JPMorgan, indicating increased involvement with blockchain technology, even if the bank does not directly invest in crypto assets. Interestingly, Dimon’s statements came at a time when financial giants like BlackRock and Fidelity are trying to obtain approval from the U.S. Securities and Exchange Commission (SEC) for the first spot Bitcoin ETF.

JPMorgan’s Crypto Unit Staff Continues to Grow

Reports suggest that JPMorgan’s blockchain unit, Onyx, now has 300 employees, a significant increase from the mere 100 three years ago. Reports indicate that Onyx manages transactions worth approximately $1 billion daily through blockchain.

On the other hand, financial services company Fidelity has been vocal about the potential benefits of integrating crypto and blockchain into its products. Earlier, COINOTAG reported statements from a senior Fidelity executive discussing the upward potential of holding some Bitcoin. In about two months, the price of Bitcoin (BTC) has increased by over 60%, driven by various factors, including the expectation of the approval of a spot Bitcoin ETF, expected anytime in 2024.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin (BTC) Set to Surge: Key Metric Signals Bullish Turn, Experts Predict Rally

Bitcoin Rally Incoming: This Major BTC Metric Just Turned...

Top Performers in Earnings Surge: Spotlight on Bitcoin (BTC) and Ethereum (ETH)

```html The Magnificent Seven stocks —...

Investor Seizes Market Dip, Purchases $500K in Altcoin (ALT) Amid Price Drop

An altcoin investor sees a price drop as...

Bitgert (BRISE) Coin Predicted to Surge: Experts Forecast a 400% Price Increase This Week!

Bitgert is fast becoming a household name in...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Whale Sells After Long Hold, Cashes Out $171 Million – ETH Market Impact Analysis

A significant Ethereum whale has initiated profit-taking, signaling...

Live Update: Bank Nifty (BANKNIFTY) Share Prices for May 20, 2024 – In-Depth Analysis and Market Trends

```html Today, the Bank Nifty witnessed significant trading activity,...

Bitcoin (BTC) Market Turmoil: Expert Analysis Uncovers Dramatic Sentiment Shifts

Bitcoin's recent market performance has been nothing short of...
Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
spot_imgspot_imgspot_imgspot_img

Bitcoin ETFs in U.S. Shift Funds to Traditional Finance, Impacting BTC Off-Chain Movement: Expert Analysis

Analysts show divergent views on how U.S. Bitcoin ETFs will impact Bitcoin’s prices in the long run. Some experts argue that while these...

Bitcoin (BTC) Set to Surge: Key Metric Signals Bullish Turn, Experts Predict Rally

Bitcoin Rally Incoming: This Major BTC Metric Just Turned Bullish Once Again A crucial Bitcoin metric has just turned bullish, sparking optimism from a crypto...

Top Performers in Earnings Surge: Spotlight on Bitcoin (BTC) and Ethereum (ETH)

```html The Magnificent Seven stocks — Amazon, Apple, Google, Meta Platforms, Microsoft, Nvidia, and Tesla — have been pivotal in shaping...