- In 2017, JP Morgan Chase CEO Jamie Dimon famously called Bitcoin a “scam”–which he later said he regretted and recanted. Well, after issuing a report forecasting that the metaverse is a $1 trillion a year market, JP Morgan has opened up a virtual bank in Decentraland.
- In the report, JP Morgan forecasts:
“The metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues.”JP Morgan, Opportunities in the Metaverse
- JP Morgan’s report Opportunities in the metaverse can be downloaded here.
- JP Morgan has become the first bank to open a virtual bank called Onyx in the online world of Decentraland. Dimon’s portrait even hangs in the lounge:
- What about Warren Buffett? Is the Oracle of Omaha in the metaverse? Not yet.
- But he is investing in Bitcoin through his recent investment for Berkshire Hathaway of $1 billion in Nubank Class A stock, a Brazilian crypto-friendly fintech company. “The company raised $2.60 Billion as it sold 289.15 Million shares in IPO. Berkshire bought 10% of the shares in the offering.” (source: @InvestingDesk) Meanwhile, Buffett dumped shares of Visa and Mastercard in the same quarter.
- The Nubank investment by Buffett adds to his existing indirect exposure to cryptocurrency through investments in U.S. Bancorp and Bank of America, according to CryptoNews.
- Of course, Buffett has repeatedly been skeptical of Bitcoin and cryptocurrencies. In February 2020, he told CNBC: “Cryptocurrencies basically have no value and they don’t produce anything. They don’t reproduce, they can’t mail you a check, they can’t do anything, and what you hope is that somebody else comes along and pays you more money for them later on, but then that person’s got the problem. In terms of value: zero.”
- Dimon and Buffett won’t be the last skeptics to change their tune.