JPMorgan CEO Says Stay Away from Bitcoin

When asked by Republican Congressman Warren Davidson about how his views on Bitcoin have changed during a May 27 House Financial Services Committee hearing, JPMorgan CEO Jamie Dimon said that they, in fact, hadn’t changed much:

My own personal advice to people is stay away from it. 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 going to stop our people from banking it. I don't tell people how to spend their money.

Dimon—who called Bitcoin “a fraud” in 2017—adds that crypto is nothing like fiat currencies or gold:

My own personal view is it's nothing like a fiat currency, it's nothing like gold. Buyer beware.

However, he seems to hold a favorable view of fiat-backed stablecoins and blockchain in general.