JPMorgan CEO Jamie Dimon said that because digital currency “is not supported by any assets”, “it has no value” and people should stay away from it.
Jamie Dimon, the CEO of JPMorgan, one of the largest U.S. banks, said people should stay away from the cryptocurrency and Bitcoin markets. Although his company is getting involved in the digital assets market, he said people should avoid it, but it will not prevent, their customers from having exposure to the assets.
Jamie Dimon has been considered one of Bitcoin’s biggest critics for several years and his view of Bitcoin has never changed, despite JPMorgan‘s venturing into the cryptocurrency market.
During the House Financial Services Committee of the United States on past Thursday 27th May 2021, at a virtual hearing, he said he did not think people should invest in Bitcoin because the digital currency “is not supported by any assets”. Therefore, “it has no value.” “My personal advice to people is to stay away from it,” he said.
“Something that’s not supported by anything I do not believe has much value. My own personal advice to people is to stay away from it,”Dimon said, as per a BlockCrypto’s report.
Stay away from it
Although he does not support Bitcoin, he said he will not stop his customers from investing in cryptocurrencies. He suggested that if Bitcoin is regulated, JPMorgan will make it easier for its customers to access the cryptocurrency.
“That does not mean the clients don’t want it. This goes back to how you have to run a business. I don’t smoke marijuana, but if you make it nationally legal, I’m not gonna stop our people from banking it,”Jamie Dimon – JPMorgan CEO
Dimon is known for opposing the cryptocurrency market and has even called Bitcoin a “scam”. Now, he has continued his negative speeches on the subject in his most recent statements.
“I do think the regulators who are a day late and a dollar short should be paying more attention to the future, payment for order flow, high-frequency trading, cryptocurrency, and put a legal, regulatory framework around it.”Jamie Dimon – JPMorgan CEO
JPMorgan is known to implement a service that will allow its wealthiest customers to invest in Bitcoin. So the bank will join other major US banks, such as Citigroup, Morgan Stanley, and Goldman Sachs.
Several traditional banks are changing their stance and adopting Bitcoin and other cryptocurrencies due to investor demand.
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