Interactive Brokers Chairman Thomas Peterffy recently expressed doubts about the value of cryptocurrencies during a "Squawk Box," interview despite acknowledging his ownership of digital assets.
His skepticism comes as a surprise given the brokerage firm's active expansion of its cryptocurrency trading services, which includes 24/7 trading of Bitcoin, Ethereum and other digital currencies in partnership with Paxos.
Peterffy's seemingly contradictory stance mirrors the situation at JPMorgan, where CEO Jamie Dimon has long been a vocal critic of Bitcoin.Despite this, JPMorgan continues to explore blockchain and cryptocurrency technology, having launched its own digital currency, JPM Coin, in 2019 and actively investing in blockchain-related start-ups and projects.
The experiences of both Interactive Brokers and JPMorgan underscore the complex relationship between traditional financial institutions and the burgeoning digital asset landscape. As industry leaders voice concerns about the value and stability of cryptocurrencies, their organizations continue to invest in and engage with the technology.
During the interview, Peterffy also shared his views on the stock market, which he believes is overvalued by 20%. However, he did not advise against owning stocks since the market continues its upward trend.