Cryptocurrency bull Tim Draper has fired a shot at the chairman and CEO of JPMorgan Chase, Jamie Dimon, nearly two months after the big four U.S. bank announced the creation of a digital currency known as JPM Coin.
In an interview with crypto personality Wendy O, Draper said Dimon’s actions show that he is grieving stage of acceptance with regards to the inevitability of cryptocurrencies:
"That guy… first he says that bitcoin is a scam. Then he gets all paranoid… then he lines up all the banks against it… then he says credit cards, my credit cards cannot be used to buy bitcoin and then he decides he’s going to do his own coin. I mean that was so ridiculous. That’s typical… it’s like the seven stages of… they go through denial… then they go to acceptance. So he is at acceptance."
I personally don't see Jamie Dimon actually being in the "acceptance" phase or whatnot. It's completely irrelevant.
His attitude towards bitcoin has essentially shifted alongside JPMorgan's plans of integrating cryptocurrencies into their future. I think that he's more of an opportunist more than anything else, it is likely that he still doesn't believe in bitcoin or what it offers, but would just rather be on the ride as he sees more institutional adoption in the future.
That is not something that is wrong inherently, but it does mean that what he says publicly should be taken with a grain of salt. I personally think that Tim Draper here is taking him way too literally. What he says in public is simply a tool to maximise JPMorgan's success, as all corporates do.
