If Dimon had bought Bitcoin in 2014, he would have made USD 130M.
All nocoiners end up capitulating.
Once, talking to a trader friend about why I think it is a bad idea to buy real estate with how inflated that market is, and considering that Bitcoin exists as the best property in history, he answered something that echoed in my head: “don’t think you’re smarter than the market. My dad has been saying for twenty years that the real estate bubble is going to burst. The subprime crisis happened, and the market skyrocketed again. And there he is, for twenty years living off his income in real estate.”
I still think that, as long as bitcoin is still in price discovery and as long as another real estate bubble does not burst, it makes no sense, for me, to invest in that industry. But I did internalize that I was arrogant for believing I was smarter than the market, which continues to have a voracious appetite for real estate.
I imagine Jamie Dimon must have had a similar moment of clairvoyance this week. I doubt it was a conversation, because after eleven years of despising Bitcoin, who would have had the patience to waste saliva trying to convince the CEO of JP Morgan? But the truth is that, finally, capitulated and recognized the value of Bitcoin.
Dimon was one of the most uncompromising detractors of Bitcoin. The first time he made comments about it was in January 2014, when the price of each BTC was around USD 800. In that moment he said that bitcoin “is a lousy store of value… it is not backed by a government.”
Eleven years later, bitcoin has proven to be one of the best stores of value in history precisely because it is not issued by any government. Since January 2014, the supply of the dollar has grown by 98%, with $11,095.9 billion added to the M2. The accumulated inflation in the US from that same date until November 2025 is between 35 and 40%. In this period, The dollar has depreciated by around a factor of ~142.6 times against bitcoin.
If Jamie Dimon had invested a million dollars that day in 2014, he would have acquired 1,216.49 BTC, which, as of today, at $110,014.10/BTC would be worth $133,830,592. That is, you would have had a hypothetical profit of USD 132,830,592.
But we know that understanding Bitcoin takes time; It is not something that is achieved overnight. By November 2015, a year after his first comment, said that the governments they would stop Bitcoin. “No government will ever support a virtual currency that operates without borders and without the same controls. It is impossible.” By then, it is clear that he had not spent time studying how Bitcoin works and why no government can stop it.
Today Bitcoin remains uncontrolled and unstopped, but it is now supported by multiple governments around the world: El Salvador, Central African Republic, United States, Bhutan, Ukraine, United Arab Emirates, Pakistan. And this at the national level. If we go down to state and municipal levels, There are at least 29 government entities that support Bitcoin.
If Jamie Dimon had invested a million dollars that day in 2015, when the price had fallen to USD 386, he would have acquired 2,588.33 BTC, which for today’s date would be equivalent to USD 284,752,427, a hypothetical profit of USD 283,752,427.
In September 2017, Dimon called Bitcoin a fraud, saying that I would fire any JP Morgan employee who traded it for being stupid. In October of that same year he said that “if you were stupid enough to buy bitcoin, one day you will pay the price.”
Today, the largest bank in the United States has partnerships with one of the largest cryptocurrency exchanges on the market, Coinbase, compares bitcoin to gold, and plans to offer loans backed by Bitcoin starting in 2026. The Jamie Dimon of 2017 would have had to fire a lot of people if he saw what is happening eight years later. He would have to say goodbye to himselfwhile this week he said that bitcoin “will be used by all of us to facilitate better transactions and better customer service.”
It is often said that everyone buys bitcoin at the price they deserve. For Jamie Dimon, that price is over one hundred thousand dollars. You’re paying the price.
Although we do not rule out that Dimon, as insurance, secretly, has been buying bitcoin all these years, his confession of support is a victory for Bitcoin and a reminder that, sooner or later, all the detractors of this cryptocurrency will end up abandoning their arrogance and understanding that they are not smarter than the market.