In the middle of an ongoing parabolic bull run Bitcoin (BTC) breaks another major milestone in terms of its market capitalization against American banking giant JPMorgan.
November 24th Bitcoin exceeded the $ 19,000 mark for the first time since December 2017and broke another record in its market capitalization.
At the time of publication The market capitalization of Bitcoin is 352 billion US dollars to 345 billion US dollars 24 hours ago.
JPMorgan’s market cap closed at $ 349 billion on November 23, according to Macro Trends. At the beginning of this year JPMorgan’s market cap fell to a low of $ 258 billion.
The CEO of the company, Jamie Dimonhas become a prominent critic of Bitcoin, and named the main cryptocurrency a “scam” and a “scam” in 2017.
Dimon hasn’t changed his negative stance on BTC despite increasing bull running and that big companies like PayPal are switching to Bitcoin. At the New York Times’ DealBook Online Summit on Nov. 18, Dimon compared BTC to proprietary blockchain networks with regulatory controls. say, “Bitcoin is something else and not my type.”
Despite your CEO’s skepticism about Bitcoin, it was announced in October 2020 JPMorgan told investors that “Bitcoin’s long-term upside is substantial”which suggests that the price of BTC would double or triple in the long run.