If the cryptocurrency space was asked to name a list of its top five most disliked individuals from 2017, one name would invariably make the list – Jamie Dimon.
The Boss At JP Morgan
Most reading will likely already be familiar with Dimon. For those that are not, he is the guy behind the now infamous comments regarding bitcoin being a fraudulent asset and – subsequently – that the price rise we have seen this year is a bubble that’s, inevitably, going to pop near term. He’s also the chairman, president, and chief executive officer of JPMorgan Chase, the largest of the big four American banks.
He made these comments back in September and then doubled down on the anti-Bitcoin sentiment, declaring that people who buy bitcoin are stupid.
The Bottom Line
Fast forward to today, where at an investor conference in New York, Both JP Morgan and Bank of America have just reported quarterly numbers and it looks as though both entities could have done with a bit of bitcoin in their lives after all.
Bank of America CEO Brian Moynihan and JP Morgan CFO Marianne Lake are both reporting a 15% drop in trading revenues so far this quarter compared to the same period in 2016. Trading revenues are the revenues that these companies generate as they buy and sell various assets in the financial markets – stocks, bonds, currencies, that sort of thing…