Jamie Dimon, Chairman, and CEO of the largest of the big four American banks – JPMorgan Chase recently announced that his bank has created its own cryptocurrency prototype called JPM coin. The newly created crypto tokens will be ready to put it into widespread use after it’s testing on clients of the big bank’s wholesale payments is done. Surprisingly, he is the same Jamie Dimon who has bashed Bitcoin publicly calling it fraud and “worse than tulip bulbs.”
To some, who thought Dimon as anti-Bitcoin or anti-blockchain, the news comes as sharp U-turn. But to many, it is said to be great news especially for the crypto enthusiast and the industry itself. Billionaire venture capitalist and bitcoin enthusiast, Tim Draper has also reacted positively to this news and said quite a few things to FOX Business on Sunday.
Tim Draper, who has millions invested in the cryptocurrency, compared the news to “a bellwether akin to Apple welcoming IBM into the PC business.”
“Not many bitcoin knockoffs have worked particularly well, but they all add to the interest in bitcoin,” Draper told FOX Business on Sunday.
Bitcoin’s price didn’t see any significant upswings right after JPMorgan’s news but it has jumped more than 5 percent over the last 24 hours, according to CoinMarketcap.com.
Tim has made many successful investment decisions especially about investing in giants such as Skype, Hotmail, and Tesla. He has also invested hundreds of millions of his wealth into Bitcoin and other cryptocurrencies over the years because Draper things that the blockchain technology will prove to be revolutionary and a game changer. He also says that Bitcoin is the most secure currency right now that everyone shall invest into it before they miss the train.
“This is going to be the biggest change in the history of the world and it’s so exciting,” Draper told FOX Business last May. Opens a New Window. “I thought the internet was super exciting, but this is going to completely change everything and the government itself is going to change.”
Even after seeing the sharp decline in bitcoin’s price, from an all-time high of about $20,000 in December 2017 to about $3,800 today, Draper believes that bitcoin will hit $250,000 by 2022.
He said that the increase in bitcoin’s price will be driven by the high demand of a global decentralized secure currency by the public that will realize the potential and importance cryptocurrencies.