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JPMorgan CEO: Bitcoin Is "Worthless"

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Mon, 10/11/2021 - 16:14
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Alex Dovbnya
JPMorgan CEO Jamie Dimon drew parallels between Bitcoin and cigarettes
JPMorgan CEO: Bitcoin Is "Worthless"
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JPMorgan CEO Jamie Dimon took a shot at Bitcoin during the Institute of International Finance (IIF) Annual Membership meeting on Oct. 11, claiming that the largest cryptocurrency is "worthless":

I personally think Bitcoin is worthless.

He went on to question the cryptocurrency’s scarcity and implied that its hard cap of 21 million coins could be changed:

I'll just challenge the group to one other thing: how do you know it ends at 21 million? You all read the algorithms? You guys all believe that? I don't know, I've always been a skeptic of stuff like that.

When asked why Dimon allows JPMorgan's clients to have exposure to Bitcoin, the billionaire banker compared investing in the benchmark crypto to trading cigarettes:     

I don't think you should smoke cigarettes either, but our clients are adults.

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In early August, the biggest U.S. bank launched an in-house Bitcoin fund for deep-pocketed clients. Back in September 2017, Dimon claimed that he would fire any trader who would touch the flagship cryptocurrency.     

Earlier today, Bitcoin surpassed the $57,000 level for the first time since May 12.

Despite being highly critical of Bitcoin for years, Dimon recently suggested that the price of the bellwether coin could see a tenfold increase. that said, he believes that only fools would borrow money for investing in crypto:

I think if you borrow money to buy Bitcoin, you’re a fool. That does not mean it can’t go 10 times in price in the next five years. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.