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For decades, the elites have been manipulating retail investors right in their face. Some of these elites are blatantly obvious when doing it, while others not so much. Some do it for fun, while others do it for personal gain. There are dozens of individuals that fit that profile, but they all oddly have one thing in common.
They're all old as But aides from that, there's only one that for over the last 10 years has convinced you that Bitcoin is the most diabolical asset on the planet. Well, maybe two, but we're not talking about Peter Schiff in this video. Luckily, you're not a fool, and you know that over the last decade, Bitcoin has evolved from a fringe experiment into a major asset class that even Wall Street cannot ignore.
You see guys, it's 2025 and the crypto market's twists and turns has forced financial titans to take a stance. Unfortunately, reality is many investors assume that traditional bankers like our victim today, Jaime Diamond, are steadfastly anti-crypto for good reason. And the majority take his scathing comments about Bitcoin at face value.
But what if that public skepticism is only half the story? What if behind the scenes JP Morgan has been quietly embracing the very technology Diamond publicly ridiculed? In this video, we'll chronologically break down Jaime Diamond's most infamous anti- Bitcoin quotes and then reveal JP Morgan's pro- crypto actions.
We'll highlight glaring contradictions, compare JP Morgan's approach to other finance giants like Black Rockck and Fidelity, and analyze the real reason why the biggest bank in the world says one thing and does the other. Let's start with Jaime Diamond's own words year by year to see how his public stance on Bitcoin has shifted.
Let's flash back to 2014. Early on, Diamond dismissed Bitcoin's viability. He told CNBC that Bitcoin is a terrible store of value and can be replicated over and over, emphasizing that it lacks the backing of any government. In short, he didn't see it as legitimate money. Fast forward to 2017, this was the year of Diamond's most notorious broadside against Bitcoin.
In September of that year, amid Bitcoin's major price surge, he infamously declared Bitcoin a fraud. He compared the crypto craze to the 17th century tulip bubble, calling it worse than tulips. Diamond even threatened to fire any JP Morgan trader who touched Bitcoin, saying it's against our rules and they're stupid.
Roll the clip. I I could care less what Bitcoin trades for, how it trades, why it trades, who trades it. If you're stupid enough to buy it, you'll pay the price for it one day. I've also told people that it can trade at $100,000 before it trades to zero. So tulip bulbs traded for $75,000, something like that.
the only value of a Bitcoin is what the other guy will pay for it. And I think honestly I think there's a good chance the Bitcoin a lot of the buyers out there up there jazzing up every day so that maybe he'll buy it too and take them out. And the sad part is is from that statement to the peak of the market at that time.
Jaime Diamond would have made you miss out on nearly a 20x on Bitcoin. But of course that's if you time the top, which I don't think many people did. Regardless, fast forward to 2018. By the start of this year, Diamond was already backpedaling. He expressed regret for calling Bitcoin a fraud. Let me ask you about Bitcoin because that was another famous comment that you made that it's a fraud.
Now we see institutions which I regret making. The blockchain is real. You can have crypto dollars and yen and stuff like that. ICOs, you got to look at everyone individually. The Bitcoin was always to me is was what the governments are going to feel about Bitcoin. It gets really big. And I just have a different opinion on the people.
I'm I'm I'm not interested that much in the subject at all. But the funny part is, as you heard in the same breath, he maintained he is still not interested in Bitcoin, which of course is okay to feel that way as an individual. But fast forward to 2021. As Bitcoin new all-time highs soared, Diamond remained publicly skeptical.
In October of that year, he stated flatly that he personally thinks that Bitcoin is worthless. He conceded that his clients disagreed, liking Bitcoin to a vite. I personally think that Bitcoin is worthless, but I don't want to be exposed with I don't care. It makes no difference to me. Our clients are adults.
They disagree. That's what makes markets. So, if they want to have access to buy or sell Bitcoin, you know, we it's hard. We can't custody it, but we can give them legitimate as clean as possible access. In 2022, Diamond sharpened his critique further. In a US House hearing that year, he blasted crypto tokens, including Bitcoin, as decentralized Ponzi schemes.
He told Congress that he is a major skeptic on crypto tokens like Bitcoin. Okay, I'm a major skeptic on crypto tokens, which you call currency like Bitcoin. They are decentralized Ponzi schemes, and and the notion that's good for anybody, is unbelievable. You see, this colorful language made it clear.
Jaime Diamond viewed the entire crypto space as a scam at worst and fool's gold at best. In 2023, Jaime Diamond doubled down yet again at the World Economic Forum in Davos. He reportedly called Bitcoin a pet rock, which I got to admit is definitely better than Warren Buffett's rat poison. He further said that Bitcoin does nothing useful, dismissing its value outright.
Once again, Bitcoin itself is a is a hyped up fraud. It's a pet rock. You're back to that. Really? Of course. Yeah. But later that year in 2023 during a Senate hearing, Diamond took his rhetoric to a new level. He testified that he always had been deeply opposed to crypto. If he was the government, he said he would close it down.
I've always been deeply opposed to crypto, Bitcoin, etc. You pointed out the only true use case for it is criminals, drug traffickers, anti-money learning, tax avoidance, and that is a use case because it is somewhat anonymous, not fully, and because you can move money instantaneously, and because it doesn't go through, as you mentioned, all these systems built up over many years.
If I were the governments, I'd close it down. He argued, get this, that the only true use case for crypto is for criminals or tax evaders, urging regulators to crack down. And the funny part is guys, JP Morgan Chase has been caught with their pants down dozens of times for tax evasion and criminal activity.
Our most watched video on Data Dash is actually a video of showing Jaime Diamond's hypocrisy. As we can see, Diamond's public quotes over the years paint Bitcoin as everything from a silly bubble to an outright threat. The message to the average listener is clear. Bitcoin is dangerous, worthless, even fraudulent, and the authorities should stamp it out.
Now, of course, there is nothing wrong with having a personal opinion. I mean, heck, that is one of the beauties of living in the United States. But saying one thing and doing another as one of the most powerful individuals on the planet, that's where I have a problem with it. Now, here's where the plot thickens.
You see, while Jaime Diamond was deriding Bitcoin in public, what was JP Morgan Chase actually doing behind the scenes? Let's break out the timeline of JP Morgan's actions in the crypto and blockchain space, which often coincide precisely when Diamond was trashing Bitcoin. JP Morgan launched a new blockchainbased payments network for crossber transfers.
In other words, even as Diamond was proclaiming that he could care less about Bitcoin in late 2017, his bank was already investing in the technology behind crypto. This was an early sign that JP Morgan wanted to exploit blockchain's benefits, just not via Bitcoin itself. In 2019, JP Morgan made headlines by creating its own digital currency.
They rolled out JPMCoin, a dollarbacked cryptocurrency token for institutional clients. It was touted as the first US bankbacked crypto token used for instantly settling payments between JP Morgan's corporate customers. In May 2020, JP Morgan took a remarkable step. It began banking cryptocurrency exchanges while simultaneously debanking people that purchase cryptocurrencies.
The bank opened accounts for regulated crypto exchanges like Coinbase and Gemini, providing them with wire transfers, AC services, and cash management. This made JP Morgan the first major US bank to serve crypto companies at a time with most banks stunned the sector. But what was actually crazy is while they were banking these exchanges, they were not allowing their retail investors to purchase cryptocurrencies through traditional debit card or credit card methods.
And to this day, they still do not allow you to purchase cryptocurrencies at Chase Bank. I had to go as far as to close my bank account a couple months ago so I could begin purchasing with a debit card. Once again, it's actually crazy to think that in 2025 in the United States, you can have the largest bank in the world tell you what you can and cannot buy, especially if that thing they're telling you you cannot buy is legal in that country.
To put it simply, if you're poor and not an institutional investor or have tens of millions of dollars in the bank, you are not allowed to spend your money how you wish without getting approval from Jaime Diamond himself. All right, enough of my spiel. In 2021, JP Morgan expanded its crypto involvement to its wealthy clients.
Of course, by summer of that year, the bank allowed its wealth management clients to invest in Bitcoin and other crypto funds through advisors. Because again guys, you need some stuffy bank executive to tell you how to spend your money. This included access to five different crypto products like Bitcoin trusts and funds for JP Morgan's private clients.
Once again, importantly, this roll out came shortly after Diamond had called Bitcoin worthless, highlighting that while he personally wasn't a fan, JP Morgan wasn't going to miss out on client demand. Pretty much saying, "Hey, we hate this, but we will happily offer it because we want to take your money." As Diamond himself put it, "Our clients are adults.
If they want to have access to buy or sell Bitcoin, we can give them a clean and possible way to access it." But of course, only if you're rich. If you're poor, you can piss off. And the funny part is the bank wouldn't custody the coins. They just wanted to have none of the underlying risk while collecting money on the fees from a product that the CEO considered worthless.
And fast forward to 22, behind the scenes, JP Morgan's blockchain initiative kept growing. The bank's onyx division focused on digital assets was experimenting with decentralized finance. In late 22, JP Morgan even conducted its first live trade on a public blockchain using DeFi protocols in a pilot with Singapore's central bank.
While Diamond was calling crypto a Ponzi scheme, JP Morgan was proving that aspects of crypto tech could be integrated with traditional finance in a regulated setting. This, of course, wasn't front page news to the public. But it didn't escape notice in the crypto industry that JP Morgan was doing serious R&D on the blockchain.
And by the time 2023 rolls around, JP Morgan's own crypto operations were robust. The JPMCoin platform was routinely moving large sums around $1 billion daily. JP Morgan was joined by other banks as well, exploring tokenized asset networks and was reportedly holding equity in some crypto ventures. Notably, even as Diamond told Congress that he'd shut crypto down, his bank was partnering with crypto innovation abroad and preparing for the future.
The contrast was becoming harder to ignore. Fast forward to the present, and this is the climax. Just last month, JP Morgan announced it will now allow everyday banking clients to buy Bitcoin through the bank. Wow. Bitcoin's over $100,000 and now we can finally buy it. Keep in mind Jaime was telling you that Bitcoin was trash back when it was a thousand bucks.
You missed out on a 100x because of Jaime Diamond. We need to go throw eggs at his house. In short, JP Morgan is opening the doors for its clients to invest directly in the very asset Diamond once vowed to fire people over. And when we lay all of this out, the hypocrisy becomes clear. Publicly, Jaime Diamond has trashed Bitcoin as poisonous, a fraud, a bubble, a Ponzi scheme.
Privately and institutionally, JP Morgan has been adopting and profiting from crypto technology year after year. The same bank that said it wouldn't touch Bitcoin ended up creating its own digital coin, servicing crypto businesses, and offering crypto investments to clients. And now in 2025, to the average Joe Schmo, the contradiction is stark.
So, how do we make sense of this say one thing and do another behavior? On the surface, it looks blatantly hypocritical, but it may not be pure coincidence. It looks more deliberate than anything. Maybe Jaime Diamond came to his senses and realized, you know what, Bitcoin is a great asset and it's here for the good of the people.
Let's offer it to everyone finally in 2025. Let's be real, the majority of people in the crypto industry have a more cynical take. They suspect that big banks intentionally spread negative sentiment to lower the price or slow adoption so they can accumulate assets or build infrastructure at better valuation.
We see this time and time again in emerging industries. Heck, let's use Black Rockck and single family home buyups as an example. Now, is there evidence that JP Morgan is doing this? Well, we do know that Bitcoin's price dipped about 10% immediately after Diamond's fraud comments in 2017. And who swooped in?
Reports service that JP Morgan's trading arm in Europe was one of the most active buyers at the time. It is anecdotal, but it does fuel the narrative that banks talk down on crypto then quietly profit from it. We can't say for sure that it was deliberate market play, but the optics certainly look bad when one day you call Bitcoin worthless and soon after your damn bank is enabling Bitcoin trades.
Okay, I promise we're getting close to the end of my rant, but let's at least have some takeaways from this conversation. You see, the roller coaster of Jaime Diamond versus Bitcoin isn't just a juicy story. It holds important lessons for us as investors and critical thinkers. Here are a few key takeaways and actionable steps we can draw from this saga.
For starters, watch actions, not just words. A CEO or institution's words can have hidden motivation. Don't take high-profile statements at face value without looking at what the company is actually doing. Always dig deeper. If a public figure denounces an investment loudly, ask yourself if their firm might be benefiting from you staying away.
Furthermore, recognize that traditional finance figures often have vested interests. When you hear Bitcoin is a fraud from a bank CEO, remember that Bitcoin success could undermines banks profits. That doesn't automatically invalidate the criticism, but it does mean you should consider the speaker's bias.
A perfect example of this is Black Rockck's Larry Frink, who changed his tone in 2023 to coincide with Black Rockck seeing a profitable ETF opportunity. As an investor, strive to keep an even keel. Don't let the headlines or one person's opinion scare you into selling or rushing into buying. Look at the long-term developments and who's quietly building.
This saga underscores that relying on a single expert opinion can be misleading. If you listen to Jaime Diamond in 2017, you would have missed out on nearly a 100x on Bitcoin. But if you only listen to crypto evangelists, you might have ignored legitimate risks and lost everything. The best approach is to research from diverse sources.
Read the statements and the counterarguments. By keeping these points in mind, you maintain critical thinking in the face of media narratives. The goal is to neither be cynical to the point of missing real warnings or naive to the point of swallowing propaganda. You see, the story of Jaime Diamond vers Bitcoin is more than an amusing saga of bankers eating their words.
It's a case study in the complex and at times contradictory dance between traditional finance and new innovations. The takeaway for all of us is trust facts and outcomes over rhetoric. Had we blindly followed the loudest voices of 2017, we might have missed one of the best performing assets of the last decade.
By staying inquisitive and datadriven, we give ourselves a better chance to capitalize on opportunities or avoid pitfalls that others might mischaracterize. I hope this video further equipped you with knowledge and a clearer view of the bigger picture. If you found this video valuable, consider giving a like and letting us know in the comments section below so we can continue to produce videos like this for you in the future.
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