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.
On Nov. 24, Bitcoin surpassed the $19,000 price mark for the first time since December 2017, breaking another all-time record in its market cap.
At publishing time, Bitcoin’s market cap is $352 billion, up from $345 billion 24 hours ago.
According to data from Macro Trends, JPMorgan’s market cap closed at $349 billion on Nov. 23. Earlier this year, JPMorgan’s market cap dropped to as low as $258 billion.
The company’s CEO Jamie Dimon has emerged as a prominent critic of Bitcoin, calling the major cryptocurrency a “fraud” and “scam” back in 2017.
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.