Grayscale CEO Michael Sonnenshein recently took a subtle jab at JPMorgan CEO Jamie Dimon over his skeptical stance on cryptocurrencies.
"I thought we wanna 'close it down'. Now I'm just confused..." he quipped.
Sonnenshein's remark came in response to a recent forecast by JPMorgan analysts, suggesting Ethereum could outperform Bitcoin in 2024.
JPMorgan bullish on Ether
Under Dimon's leadership, JPMorgan has historically maintained a cautious view of cryptocurrencies. However, the bank's latest analysis indicates a change in perspective, at least regarding Ethereum.
JPMorgan analysts, led by Nikolaos Panigirtzoglou, project that Ethereum, with its upcoming EIP-4844 upgrade, will likely outshine Bitcoin and other cryptocurrencies in the coming year.
This upgrade, also known as Protodanksharding, is set to enhance Ethereum's network activity by introducing "data blobs," which are temporary data packets. This technological leap is expected to benefit layer-2 networks like Arbitrum and Optimism.
Staunch opponent of crypto
Despite JPMorgan's optimistic outlook on Ethereum, Dimon remains a staunch critic of cryptocurrencies.
Recently, during the Senate Committee on Banking, Housing, and Urban Affairs' oversight meeting, Dimon reiterated his negative stance, advocating for a government-led shutdown of the crypto sector.
He expressed concerns over the semi-anonymous nature of cryptocurrencies and their potential for enabling illicit activities, such as drug trafficking and tax evasion.
Dimon's skepticism toward Bitcoin and other digital currencies has been consistent over the years, often highlighting their potential for fraud and questioning their legitimacy as investment assets.
This dichotomy between JPMorgan's analytical forecast for Ethereum and Dimon's personal views on cryptocurrencies has raised a few eyebrows, but the JPMorgan boss believes that it is up to clients to make their decisions regarding crypto.
Tomiwabold Olajide
Godfrey Benjamin
Dan Burgin
