• JPMorgan Chase is on the verge of being ‘flipped’ by Ethereum

  • There may come a time when the Ethereum protocol, the digital fuel driving the DeFi revolution, is worth more than JPMorgan Chase, the bank led by famed crypto skeptic Jamie Dimon.

    CompaniesMarketCap estimates that Ethereum is worth $391.5 billion, or around 80% of JPMorgan Chase’s $479.36 billion.

    According to CoinGecko, the value of Ethereum has increased by nearly 720 percent in the last year, with the price of ether now hovering at $3,200. This is due to the fact that the total value locked in DeFi projects has now surpassed $80 billion, and is now estimated to be over $83.8 billion, according to DeFi Pulse.

    When the market capitalizations of Solana and Polkadot, two new chains used by traders as part of the “multi-chain future,” are added together, the three would already exceed the value of JPMorgan Chase.

    Given DeFi’s strong capacity to create yield, venture capitalists are anxious to get in on the action. According to Blockworks, $17 billion in money was deployed into crypto projects during the first half of 2021, with the majority of it going to DeFi and NFT projects, the majority of which run on Ethereum.

    While JPMorgan Chase’s Jamie Dimon once declared Bitcoin a hoax and vowed to fire any trader caught using it, the bank has discreetly reversed its stance on cryptocurrency in the years afterwards. The bank began providing its clients with access to Grayscale’s different digital asset funds, such as the Grayscale Bitcoin Trust and the Grayscale Ethereum Trust, in early August.

    JPMorgan Chase’s research team recently issued a report stating that upgrading Ethereum to proof-of-stake would unlock $40 billion in value by 2025 through the formation of a staking business.

    JPMorgan Chase’s stock finished at $160 on Monday, up 27 percent year to date.

    What's your reaction?