Bitcoin outperforms JPMorgan in terms of market capitalization shortly after the firm’s CEO said Bitcoin “is not my cup of tea.”
Amid an ongoing parabolic bull run, Bitcoin (BTC) is breaking another major milestone in terms of its market capitalization against American banking giant JPMorgan.
At publishing time, Bitcoin’s market cap is $352 billion, up from $345 billion 24 hours ago.
Dimon has not changed his negative stance on BTC despite the growing bull run and major companies like PayPal moving into Bitcoin. At The New York Times DealBook Online Summit on Nov. 18, Dimon compared the seminal cryptocurrency to proprietary blockchain networks with regulatory controls, stating, “Bitcoin is kind of different and it’s not my cup of tea.”
Despite its CEO’s skepticism of Bitcoin, in October 2020, JPMorgan reportedly told investors that “the potential long-term upside for Bitcoin is considerable,” suggesting that BTC price would be doubling or tripling in the long term.