Chief executive of JP Morgan Chase, Jamie Dimon, offered a forecast for United States economic growth that was comfortably ahead of even the most optimistic projections from economists.
"It's worse than tulip bulbs".
"If you're stupid enough to buy it, you'll pay the price for it one day", he said in October. Although he was not the only one to criticize the cryptocurrency, all the other negative comments, as, for instance, Ray Dalio's calling bitcoin a "bubble", were much less aggressive.
However, Bitcoin has become increasingly hard to ignore.
Despite such steadfastly sceptical attitude and Dimon's promise to fire anyone working for J.P. Morgan, who would be caught investing in Bitcoin, the bank didn't stop moving towards new technologies and considered allowing its clients to trade bitcoin futures.
Barclays revealed in July a year ago that it had opened up discussions with United Kingdom regulators about using digital currencies like bitcoin, and several other banks including Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale have set up a consortium to build a blockchain platform of their own. Its growing popularity on a global scale appears to have forced Dimon to reassess his stance.
"I think one of the mistakes that people make is [focusing on] what's the impact tomorrow", Dimon said.
"The blockchain is real", Dimon said Tuesday, referring to the distributed ledger technology that underpins bitcoin and other cryptocurrencies.
He also added that the future of Bitcoin would depend on "what the governments are gonna feel about Bitcoin as it gets really big". "ICO's you have to look at individually", Dimon said.