JPMorgan Chase CEO who denounced the scam announced that he would "keep silent" and Bitcoin hit a new high

Bitcoin recovered all the losses of last month and hit a new record high. JPMorgan Chase CEO Jamie Dimon, who accused Bitcoin of being a scam last month, announced today that he would "keep his mouth shut."

According to CNBC, Dimon said on JPMorgan Chase's third-quarter earnings call on Thursday: "I wouldn't put this in the category of important things in the world. But I won't comment on Bitcoin anymore."

JPMorgan Chase Chief Financial Officer Marianne Lake took over, saying: "We are open to digital currencies that are properly controlled and regulated." She also talked about the possible advantages of blockchain technology that supports Bitcoin.

Dimon’s last words about Bitcoin were reportedly: “I recall that we move trillions of dollars a day in digital form. Not cash.”

Compared with last month, Dimon's statement was much more moderate in tone.

Just a month ago, on the 12th of last month, Dimon said that cryptocurrencies are a "scam" and are worse than the infamous Dutch speculative activity, the tulip bubble.

Dimon predicted at the time that cryptocurrencies "are not going to end well. People are going to die." He also said that any trader who trades Bitcoin should be fired for being stupid.

The next day, Dimon gave some pointers on the "auntie logic" of Bitcoin trading: After my daughter bought Bitcoin, the price went up, and she thought she was a genius. He also said: "You have all seen the precedent of China. The national government always wants to control the money supply.

But Bitcoin did not recover from Dimon's criticism and recently hit a new high.

On the 2nd of this month, the trading price of Bitcoin rose above $4,400 for the first time in three weeks, recovering all the losses since Dimon called Bitcoin a scam and China closed Bitcoin exchanges.

Earlier on Wednesday, just as Dimon made his latest remarks on Bitcoin, data from Bitcoin trading platform Bitstamp showed that Bitcoin broke through $5,200 for the first time in history, up more than 8% on the day.

After Dimon's speech, Bitstamp data showed that at around 00:35 Beijing time on the 13th, Bitcoin hit a new high of above $5,300, up more than 10% on the day, rebounding about 70% from last month's low, and up nearly 420% so far this year.

Wall Street digs into Bitcoin, Goldman Sachs wants to be the first to get in

Compared with Dimon, some other Wall Street giants seem to be more tolerant of Bitcoin, and Goldman Sachs is the most eager to try Bitcoin.

At the end of last month, James Gorman, CEO of Morgan Stanley, said that Bitcoin is "certainly more than a passing fad" and is a very interesting concept. He said: "It's obviously highly speculative, but that's not a bad thing. It's a natural consequence of the whole blockchain technology."

Earlier this month, the media also broke the news that Goldman Sachs was considering trading in digital currencies such as Bitcoin, becoming the first Wall Street giant to prepare to trade digital currencies directly. A Goldman Sachs spokesperson said on the same day that it was exploring how to provide customers with the best services in the field of digital currencies.

In fact, Goldman Sachs began publishing research reports on Bitcoin in June this year, becoming the only large investment bank on Wall Street to publish Bitcoin price analysis. This move was interpreted as Goldman Sachs paying more attention to the prices of digital currencies such as Bitcoin.

Wall Street Journal previously mentioned that the current trading price of Bitcoin has more than quadrupled compared to the beginning of this year, while volatility in traditional asset classes has been generally sluggish this year, severely dealing a heavy blow to the trading business, the main source of income for Wall Street institutions. Goldman Sachs, the "king of trading" on Wall Street, achieved its worst first-half performance.

Goldman Sachs may be attracted by the high volatility of Bitcoin and hope to make a comeback with Bitcoin. This year, China, South Korea and other countries have tightened their supervision of digital currencies, which will also help dispel the concerns of Wall Street banks. (For more analysis, please see "Read the News | What did Goldman Sachs see when it suddenly stood up for digital currencies?")

In fact, Dimon is not blindly belittling Bitcoin. He is optimistic about the blockchain technology behind Bitcoin. Even if he "looks down on" Bitcoin, JPMorgan Chase itself needs to adapt to customer needs.

Last month, the media broke the news that shortly after Dimon criticized Bitcoin, JPMorgan Chase's securities account spent 3 million euros on buying Bitcoin ETNs (Exchange Traded Notes) in Sweden on the 15th of last month. A JPMorgan Chase spokesperson responded that those were not orders placed by JPMorgan Chase, but were purchased by customers using JPMorgan Chase's channels.

Last week, Wall Street News mentioned that JPMorgan Chase is still providing Bitcoin quotes to its clients. In a JPMorgan Chase quote sheet, Bitcoin is listed together with mainstream assets such as copper, crude oil, natural gas, and 10-year US Treasury bonds.