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.
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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.
Alex DovbnyaIn 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.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Godfrey Benjamin
Vladislav Sopov
Dan Burgin