Bitcoin market capitalization hits new all-time high, overtaking JPMorgan

Bitcoin is even now overtaking JPMorgan in terms of market capitalization. Shortly before, the bank’s CEO had said that Bitcoin was „not my thing“.

In the midst of the parabolic bull run, Bitcoin ( BTC ) reached another major milestone in terms of its market capitalization.

He was able to briefly overtake the American banking giant JPMorgan

On November 24, crossed Bitcoin for the first time since December 2017, the mark of 19,000 US dollars, achieving a further all-time record in terms of market capitalization.

At press time, Bitcoin’s market capitalization is $ 352 billion. 24 hours earlier it was still at $ 345 billion.

JPMorgan’s market cap on Nov. 23 was $ 349 billion, according to data from Macro Trends. JPMorgan’s market cap fell as low as $ 258 billion earlier in the year.

The company’s CEO, Jamie Dimon, has spoken out as a Bitcoin critic. In 2017 he named the most important cryptocurrency „fraud“ and „swindle“

Dimon hasn’t changed his negative stance on BTC despite the bull run of the plans of big companies like PayPal to want to use Bitcoin. At the New York Times‘ DealBook Online Summit on November 18, Dimon compared cryptocurrency to blockchain networks with regulatory scrutiny. He explained: „Bitcoin is somehow different and not my thing.“

Despite the CEO’s skepticism about Bitcoin , JPMorgan told investors in October 2020 that „the long-term upside potential for Bitcoin is substantial“. This suggests that the BTC rate would double or triple over the long term.