Crypto analyst Darkfost posted on X to map how JPMorgan CEO Jamie Dimon has described Bitcoin over the years, showing a long arc from outright dismissal to a narrower acknowledgment of individual choice. In 2017, Dimon called Bitcoin a "fraud." In 2018, he said he regretted that remark and recognized the value of blockchain technology. From 2019 to 2020, he said Bitcoin was "not my cup of tea," then in 2021 called it "worthless." In 2023, he said he would ban Bitcoin and other cryptocurrencies if he had the power, and in 2024 compared Bitcoin to a "pet rock" and a Ponzi scheme. In 2025, while still criticizing Bitcoin as lacking value and being used for money laundering, he later said that everyone has the right to buy it. The timeline comes as JPMorgan Asset Management, in its Oct. 19 report titled Long-Term Capital Market Assumptions 2027, included Bitcoin in long-term return forecasts for the first time, projecting a 10% compound annual return over the next 10 to 15 years, above U.S. large-cap equities, gold, and U.S. REITs.
Crypto analyst Darkfost said in a post on X that JPMorgan CEO Jamie Dimon’s public comments on Bitcoin have shifted sharply over the years.
According to Darkfost’s timeline, Dimon called Bitcoin a "fraud" in 2017. In 2018, he said he regretted that comment and acknowledged the value of blockchain technology. In 2019 and 2020, he described Bitcoin as "not my cup of tea." In 2021, he said it was "worthless." In 2023, he said that if he had the power, he would ban Bitcoin and other cryptocurrencies. In 2024, he compared Bitcoin to a "pet rock" and a Ponzi scheme.
In 2025, Dimon continued to criticize Bitcoin, saying it lacked value and was used for money laundering. He later added that everyone has the right to buy Bitcoin.
At the same time, JPMorgan’s institutional outlook has moved in a different direction. Earlier reports said JPMorgan Asset Management published its Long-Term Capital Market Assumptions 2027 report on Oct. 19 and, for the first time, included Bitcoin in its long-term return projections.
The report projected a 10% compound annual return for Bitcoin over the next 10 to 15 years. That figure was higher than the 7.5% forecast for U.S. large-cap equities, 5.5% for gold, and 8.2% for U.S. real estate investment trusts, or REITs. Based on that, Darkfost said JPMorgan had listed Bitcoin as the best-performing asset for long-term returns in its 2027 outlook.
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