Former Strategy CEO Michael Saylor is already reacting to JPMorgan’s sudden crypto U-turn.
“Don’t wait until your banker tells you to buy Bitcoin,” Saylor said on the social media network.
JP Morgan legalizes cryptocurrencies
Today, Bloomberg reported that JPMorgan will allow institutional investors to use two major cryptocurrencies as collateral to access liquidity.
The latest confirmation provides another big boost to an industry that has long struggled for legitimacy.
Cryptocurrencies are becoming increasingly integrated into the financial sector, and other banks such as Morgan Stanley are also working to expand their digital asset services.
Dimon declines to comment on Bitcoin
Meanwhile, JPMorgan CEO Jamie Dimon recently declined to comment on Bitcoin and complained that he has received “death threats” from the crypto community.
Dimon is, of course, also an avid supporter of major cryptocurrencies. He has previously described major cryptocurrencies as “scams” and “pet rocks.”
But the bank continues to embrace cryptocurrencies, despite the fact that its longtime boss continues to resent them.
Last year, Saylor, a former Bitcoin critic himself, hit on Dimon’s “pet rock” comment and argued that the top cryptocurrency by market capitalization actually fits the definition of digital money.
