Back in 2017, JPMorgan Chase CEO Jamie Dimon hated bitcoin…
At a New York investor conference, Dimon famously denounced bitcoin as a “fraud.” He also threatened to fire any of his employees who traded bitcoin “in a second [for being] stupid.”
Three months later, bitcoin hit an all-time high of $20,000. (It’s probably no coincidence Dimon said he “regretted” calling bitcoin a fraud soon after.)
Here’s why I believe Dimon – and other big bankers – badmouthed bitcoin…
At the time, Wall Street couldn’t figure out how to make money from crypto. They had to sit idly by while Binance and Coinbase raked in hundreds of millions of dollars in fees from their respective crypto exchanges.
Now that bitcoin is being accepted as a legitimate investment asset, Wall Street wants in on the action.
That’s no surprise to long-term Palm Beach Daily readers.
Back when Glenn Beck interviewed me in 2018, I said JPMorgan would change its tune… and boy, have they ever.
Today, instead of calling bitcoin a fraud… the bank’s analysts now say bitcoin could double or triple in price from here… and challenge gold as a global safe-haven asset.
You see, JPMorgan now has the regulatory infrastructure in place to profit from crypto. Back in 2018, I told you that Wall Street’s greed for fees would compel them to get into crypto. And that made crypto a tremendous long-term bet.
That’s why I’ve always said… never bet against Wall Street greed.
Since 2017, we’ve seen traditional Wall Street firms like Fidelity and Intercontinental Exchange create payment rails allowing big institutions to buy crypto. And companies like Square and PayPal are offering similar payment rails for retail investors.
Then we saw the chief regulator for banks, the Office of the Comptroller of the Currency, give banks the green light to offer crypto products. Once the banks saw that, they realized they could generate billions in fees from crypto.
That’s why they have done a complete 180. Instead of “bitcoin is the worst thing in the world…” they’re now saying, “bitcoin is the greatest thing in the world.”
My point is financial firms have figured out a way to make money from crypto… So now they’re singing a new tune.
The question now is: How does Wall Street greed benefit you?
Follow the Crypto Curve
Fees are the lifeblood of Wall Street. According to estimates, financial firms rake in about $439 billion per year from fund management fees alone.
This is Wall Street’s gravy train. These firms make it simpler for millions of people to buy financial products. Then, they charge billions in fees for making them available.
But this gravy is drying up…
Over the last decade, Wall Street profits from managed funds and security products have decreased by about 24%.
So they’ll soon turn to crypto financial products as a new revenue source.
We’re seeing that unfold now…
PayPal just announced it will offer bitcoin trading on its platform. A roundtrip buy-and-sell order will incur 6% in fees plus a “hidden” fee called the “spread.” The spread is the difference between the bid price and the offer prices.
This is an insane commission to pay for any asset. A financial firm charging 6% roundtrip commissions on stocks would face regulatory scrutiny and customer rebellion.
But as a brand-new asset class, financial firms can charge above-average fees on any crypto-related business they undertake.
So you can see why Wall Street is licking its chops for a cut of the growing crypto-fee pie.
This Asset Class Will be Worth Trillions
After four years of trying to push this market down (while quietly investing hundreds of millions into the space), Wall Street is about to pull off its masterstroke and take crypto mainstream.
And, of course, collect billions in fees along the way.
Right now, an estimated 35–50 million Americans own crypto. That’s 10–15% of the U.S. population. The U.S. banking system touches the lives of over 300 million Americans. And it holds north of $20 trillion in assets.
And that that’s just a tiny fraction of the $290 trillion global financial market.
Friends, as more people, businesses, and institutions warm up to crypto… we’ll see billions – even trillions – of dollars flow into crypto assets.
So if you’re looking to invest in crypto, don’t wait for Wall Street… by the time it’s fully moved its clients into the sector, the biggest gains will be in the rearview mirror.
Instead, focus on investing small sums – about $200–$1,000 – directly into a few select cryptos before mass adoption takes hold. Bitcoin and ether are two great choices if you are just starting out.
And while bitcoin and ether could see great future returns, the smaller coins will have the biggest percentage moves higher. When the small coins start moving, they can boom 100,000% or more details.
That’s not a typo. I have personally recommended a crypto that rose as much as 153,000%. That turns a $1,000 investment into $1,530,000.
I want to tell you more about the smaller coins, but I’m running out of space in this article… Check out the P.S. below for more details on how to get into these smaller coins.
Let the Game Come to You!
Editor, Palm Beach Daily
P.S. As more money pours into the crypto ecosystem, well see some tiny “altcoins” (any coin other than bitcoin) skyrocket in price. Even investing just a small sum today could potentially become a million-dollar opportunity when mass adoption explodes…
That’s why I recently held a special event called The Crypto Catch-Up: Your Last Chance for The Life You Want, where I shared details on six tiny cryptos that contain a unique “quirk” in their code.
In the past, coins with this quirk have delivered an average peak gain of about 29,465%… A small $250 investment in each could potentially grow to $221,738… while a $1,000 investment in each could theoretically be worth as much as $886,950.
Now, I can’t promise you’ll see gains like this, but it’s precisely what happened in the past under ideal conditions… And you don’t need to be a billion-dollar hedge fund to take advantage.