JAMIE DIMON HAS BEEN VOCAL SEEN CRYPTO WENT MAINSTREAM

JP Morgan published a report analyzing the crypto market in the US. This is very important because JP Morgan is the largest US bank and he is historically very skeptical of crypto. Even we that, the US investor continues to be the largest country contributor to the crypto market. The findings in JP Morgan's report could shed light on what would happen in the crypto market in 2023. As should make already know the MJ Morgan CEO, Jamie Dimon is anti-crypto and he has been vocal seen crypto when mainstream since 2017. JM Morgan has been more balanced especially during the current crypto circle.

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It all began in February 2020 when JP Morgan was reported considering its blockchain aim with Ethereum builder consensus. The bank have had a conflicting view of crypto ever seen. For example, in May 2020 it recommend that it client to stay away from crypto. Shortly after that, it announced that it will be providing banking services for Coinbase and Gemini. This is surprising because JP Morgan as allegedly unbanned many crypto entities. It reported close a bank account of crypto mining company in August 2021 and close the bank account of Uniswap founder with no explanation.

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There as been speculation that the order to close came from the US government. In earlier last year, JP Morgan said it didn't expect companies to had BTC to your balance sheet just Tesla famous did. Just two days later, JP Morgan co President admitted that banks will get into Bitcoin has some point. They also said BTC is no longer a hedge due to it correlation to the stock market. One week later, the send a letter to the client that they will allocate 1% of their portfolio to BTC as hedge. Throughout 2022-2021, JP Morgan was frequently comparing to BTC to gold. One month, it analysis will say it investor prefer BTC to gold and the other month, it will say it investor prefer gold to BTC.

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JP Morgan still believe BTC will still hit 150k in the long term, a prediction which assume BTC will compete with gold. It is still surprising that Jamie Dimon who has acknowledged that BTC could 10x still said he would invest. He also called crypto decentralized Ponzi scheme earlier in 2022. Despite the mega bank weird opinion on crypto, it has been investing in the industry and adopting it. Consider that it lead an investment consensus in April 2021, enter the Metaverse in 2022 and made it first Defi trade on Polygon in November last year.