It has been reported that Bitcoin surpassed the $19,000 price mark for the first time since December 2017 by breaking another all-time record in its market cap.
However, according to data from Macro Trends, JPMorgan’s market cap closed at $349 billion on November 23. Earlier this year, JPMorgan’s market cap dropped to as low as $258 billion.
Jamie Dimon, the CEO of JPMorgan, has emerged as a prominent critic of Bitcoin, calling the major cryptocurrency a “fraud” and a “scam” back in 2017.
Step aside JPMorgan, Bitcoin has already blown past your market cap This morning Bitcoin’s valuation surpassed $352 billion, overtaking JPMorgan at a $349 billion market cap. https://t.co/eH7MhE1jML — Cointelegraph (@Cointelegraph) November 24, 2020
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 November 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.”
Thus, he said:
“The potential long-term upside for Bitcoin is considerable.”