I simply cannot believe Jamie Dimon's flip flop on Bitcoin and cryptocurrencies in general. This guy once compared Bitcoin to the pet rock, often times deeming it worthless and even going as far as calling it a Ponzi scheme. I don't know, maybe he was just bluffing all along. Or, was never a believer, and is now a supporter having seen the digital currency provide outsized returns to investors.

In case you hadn't heard, I am referring to JP Morgan's announcement that it will accept Bitcoin and Ethereum as collateral for secured loans to institutions. This is the bank's second major crypto-related move this year, earlier announcing that it would accept crypto-linked ETF holdings as collateral. 

The move comes as just another chapter in the legitimacy of cryptocurrencies in the world of finance. What was once touted as a scam is making more traction with institutions. Who knows just will come next? It's just funny to me that on the same week Jim Cramer blares the warning alarm on crypto, JPMorgan makes this announcement.

What's next -- Bank of America accepting Pokemon cards as down payment on mortgages? But seriously...

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