June 24, 2021

JPMorgan’s CEO Jamie Dimon: Stay Away From Bitcoin

2 min read

Although the company he runs is significantly more opened to the cryptocurrency world nowadays, JPMorgan’s CEO, Jamie Dimon, encouraged individuals to stay away from digital possessions. Nevertheless, he confessed that institutional clients of the bank have revealed a high demand for such products in recent months.

Keep Away From Crypto, Says Dimon

The Chairman and Chief Executive Officer of JPMorgan Chase and Co has a rather controversial history with bitcoin and the rest of the crypto market. Back in 2017, in the middle of the parabolic cost boost, he called the primary digital property a “fraud.”

Remarkably, he apologized for his remarks a year later on, however it appears that his opinion has not altered much still. After calling it “not my cup of tea” in 2020, Dimon had more extreme words in current testament to the US House Financial Services Committee.

In it, the billionaire detailed that his “personal advice to people is: keep away from it.” In addition, Dimon added that cryptocurrencies can’t compare with conventional fiat currencies and gold and warned: “purchasers beware.”

He clarified that he was referring to bitcoin and other digital properties, not stablecoins and blockchain.

Nevertheless, Dimon concluded, “I do not inform people how to spend their cash, despite how I may personally feel about something.”

JamieDimon

Jamie Dimon. Source: CNBC JPM Still Looks to Enter the Space Apart from his personal views, JPM has been discussing ideas on how to get in the crypto market following the most recent boom. As such, Dimon highlighted the significant interest from institutional clients, which is the primary reason that the biggest US bank is supposedly thinking about using an actively handled BTC fund.

“A great deal of our clients are asking, ‘‘ can we assist them buy or sell cryptocurrency.’ And, we are investing in that as we speak.” – – previously asserted Dimon.

It’s worth noting that JPM is far from the only giant US bank checking out methods to go into the digital asset area. The nation’s earliest banking organization, BNY Mellon, introduced cryptocurrency custodial services earlier this year.

Quickly after, Goldman Sachs followed the example and even filed to release a Bitcoin ETF. Morgan Stanley has actually likewise undertaken a couple of initiatives, including filing to get direct exposure for a lots of its funds to bitcoin.

Included Image Courtesy of CBS News