JP Morgan Grew Its Crypto Team By 200%, Amid CEO’s Criticism Of Bitcoin

Jamie Dimon, the chief executive officer of JPMorgan Chase, was recently criticized when he said he would “close down” Bitcoin (BTC) if he were running the government, while testifying during a recent Wall Street oversight hearing by the US Senate Banking, Housing, and Urban Affairs committee on Capitol Hill.

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Jamie Dimon’s Anti-Bitcoin Stance

The JP Morgan CEO has long been opposing the top cryptocurrency. In the past, he compared Bitcoin (BTC) with terms like ‘Ponzi scheme’ and ‘hyped-up fraud’. Dimon continued his aggressive stance against BTC in his latest statement, going as far as demanding a government shutdown of the crypto industry. However, there is more to it than meets the eye within JP Morgan, at least around blockchain technology if not for investing in crypto assets.

Interestingly, the CEO’s comments came at a time when financial giants of the likes of Blackrock and Fidelity are vying for the approval of the first ever spot Bitcoin ETF from the U.S. Securities and Exchange Commission (SEC).

JP Morgan Crypto Unit’s Staff Multiplies

According to reports, Onyx, the blockchain unit of JP Morgan, currently has around 300 employees compared to a headcount of just 100 three years ago. The reports said Onyx is handling transactions worth around $1 billion per day via blockchain.

Financial services company Fidelity, on the other side, has been vocal about the potential benefits of integrating crypto and blockchain in its products. Earlier, CoinGape reported a Fidelity senior executive’s comments on the upside potential of holding some Bitcoin. In the space of under two months, the Bitcoin price (BTC) grew over 60%, owing to various factors including the anticipation of the spot Bitcoin ETF approval anytime in 2024.

Also Read: Bitcoin ETF: SEC Chair’s New Take Leaves More Questions Than Answers