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Friday, June 9, 2023

“I don’t care about Bitcoin” say CEO of J P Morgan Jamie Dimon

The CEO of JP Morgan emphasizes his disinterest in Bitcoin, but believes it is possible that the price will increase tenfold.

Bitcoin is a “fraud”: Jamie Dimon caused a stir at the time . Even in retrospect, the CEO of JP Morgan made it into the headlines several times with his statements. First, because he at the World Economic Forum in Davos in 2019 admitted that the block chain as a “real technology,” an “actual potential dispose”. Then because on the anniversary of the Investment Company Institute in May 2021 he called for more state supervision of the crypto market so that it does not become too “powerful”. At the time, however, he phrased it as if he believed that the crypto market would continue to grow . (Also Read: Ethereum becomes more popular than Bitcoin: Analyst says)

With his last statement to the Times of India (TOI) , he also attributes considerable potential to Bitcoin. At the same time, however, he now emphasizes his disinterest in the original crypto currency:

I don’t really care about bitcoin. I think people waste too much time and air on it. […] I think that someone who lends money to buy Bitcoin is a fool. But that does not mean that the price cannot rise tenfold over the next five years. But I don’t care.

Jamie Dimon, The Times of India

Whatever it is, governments will regulate it

The TOI reporter also asked him for his opinion on the ongoing debate in India on whether cryptocurrencies should be banned or regulated. He replies to that

It will be regulated. Governments regulate almost everything. I don’t know if it [a cryptocurrency] is an asset. I don’t know if it’s a foreign currency. I don’t know if it’s a currency or if it’s security laws, but they will. And they will limit it to some extent. But I can’t say whether it eliminates that and personally I don’t care. I am not a bitcoin buyer.

Jamie Dimon, The Times of India

There is still subtle criticism

Nevertheless, this time again, he insists on naming crypto currencies in the context of negative examples. He said he remembered when beanie babies were selling for $ 2,000 each and that everyone knew about tulip bulbs and internet stocks in the past. That all of this would have been speculation that occurs in “every market in the world, including communist countries.” Therefore, he does not understand “why one is amazed at the amount of speculation, especially when there is so much liquidity [as with cryptocurrencies] in the system”. (Also Read: Cosmos (ATOM) vs Solana (SOL): which has more potential?)

His indifferent (previously anti) attitude is especially exciting when you consider how the bank, whose head he is, has behaved in recent years. In 2017, shortly after Dimon’s criticism, they bought a large amount of Bitcoin. In 2020 they were among the banks that were of the opinion that the increasing acceptance of Bitcoin could lead to a decline in gold demand , and the company has been offering its own JPM Coin since 2019. Save a Stablecoin on a block chain costs and efficiency increase should.

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