BREAKDOWN: JPMorgan's Bitcoin Journey – From 'Worse Than Tulips' to 'Not My Cup of Tea' to New Product
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 26 April 2021
⏱️ 13 minutes
🧾️ Download transcript
Summary
Sources say JPMorgan’s new actively managed bitcoin product will be available this summer.
This episode is sponsored by Nexo.io and NEAR.org.
Today on the Brief:
- Sports and crypto come together
- WTF is going on in Turkey?
- Wyoming DAO law
Our main discussion: After years of CEO Jamie Dimon ragging on bitcoin, JPMorgan is reportedly set to offer a new actively managed bitcoin product. In this episode, NLW looks back at Dimon’s comments on BTC and how things have changed over time.
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Transcript
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| 0:00.0 | I've jokingly said that these types of announcements from big new institutional players getting |
| 0:05.1 | into Bitcoin for the first time are getting more and more useless as a daily podcaster because |
| 0:09.9 | they just don't excite people anymore. We're all so ready for it. We're also used to it. But |
| 0:15.4 | even the curmudgeonliest and cold-heartedest have to appreciate the significance of the turnaround of J.P. Morgan. |
| 0:24.0 | Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big |
| 0:31.3 | picture power shifts remaking our world. The breakdown is sponsored by nexo.io and ne neared.org and produced and distributed by coin desk. |
| 0:41.6 | What's going on, guys? It is Monday, April 26th, and today we are talking about J.P. Morgan's |
| 0:48.0 | Bitcoin journey, from worse than tulips to not my cup of tea, to a new client product. |
| 0:55.2 | First up, however, let's do the brief. |
| 0:57.6 | First on the brief today, sports and crypto are definitely coming together in this cycle. |
| 1:03.1 | A couple of years ago, NFL offensive tackle Russell O'Coon made a now famous declaration, |
| 1:07.5 | Pay Me in Bitcoin. |
| 1:09.4 | He currently takes half of his $13 million salary in BTC and |
| 1:13.0 | half in Fiat. Kansas City Chief's tight end, Sean Culkin, is taking it to the next level, |
| 1:19.5 | and we'll be converting the entirety of his 2021-based salary, $920,000 into BTC. |
| 1:26.5 | Culkin is going to convert his Fiat to Bitcoin's salary conversion service. |
| 1:30.8 | This is the same service that Russell uses, and it means that the paychecks are automatically |
| 1:35.7 | converted, which detaches them from market movements and allows Culkin, in his own words, |
| 1:41.0 | to stay focused on the game. |
| 1:42.8 | For their part, the Kansas City |
| 1:44.3 | chiefs are aware, but their contract is still denominated in U.S. dollars. About the deal, |
| 1:49.1 | Culkin said, quote, for me, it makes sense to get paid in the hardest form of currency, |
... |
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