Bitcoin Chases JP Morgan to Top World Bank

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On Nov 20, 2020, the market cap of Bitcoin rose above the market cap of JP Morgan Chase, the world’s largest public bank. Though it dropped back to number two on Nov 21, BTC’s quiet rise has enraptured the financial world.

#Bitcoin just became the world’s largest bank! Bigger than $JPM https://t.co/kmJcz44ufC pic.twitter.com/WR6TI7Zxfy — CompaniesMarketCap.com (@CompaniesMarke1) November 21, 2020

JP Morgan v Bitcoin

JP Morgan Chase CEO Jamie Dimon has had a complicated relationship with Bitcoin. Since 2017, when Dimon claimed that Bitcoin was a fraud , much has changed at JP Morgan.

More recently, JP Morgan launched its own cryptocurrency and invested in ConsenSys . Though Dimon proclaimed on Nov 18, 2020 that Bitcoin is still, “not my cup of tea,” Bitcoin parried with its massive rise to near all time highs. Bitcoin, which itself is flirting not only with all time highs, but also with highest monthly closes, briefly overtook JP Morgan by market capitalization .

Bitcoin is “not my cup of tea,” says Jamie Dimon, chief executive of JPMorgan Chase at the #Dealbook Online Summit https://t.co/kxmtVkes2d pic.twitter.com/gf5Ct2nc4O — DealBook (@dealbook) November 18, 2020

JP Morgan is America’s largest bank, rivaled by the Industrial and Commercial Bank of China in size. With a market cap of about $350 billion, JPMorgan is #17 of the Fortune 500 list of the largest US companies, just ahead of General Motors.

So when the market capitalization of Bitcoin surpassed JP Morgan at about $351 billion this weekend, it turned some heads. Bitcoin seems to be getting unprecedented interest from large wall street players and banks .

Crypto is FUNdamnetal

At the same time, the current crypto bull-run has arguably more fundamentals behind it than the one in 2017 . The industry is more solid, the security more proven, the companies more transparent, and the backers better-known.

Someone explain to Jamie Dimon that Bitcoin doesn’t care what he thinks https://t.co/NiGKnyQPcF — Pomp

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