Main navigation

JPMorgan CEO Says Stay Away from Bitcoin

News
Thu, 05/27/2021 - 19:21
article image
Alex Dovbnya
JPMorgan CEO Jamie Dimon says his views on Bitcoin haven't changed much
JPMorgan CEO Says Stay Away from Bitcoin
Cover image via commons.wikimedia.org
Read U.TODAY on
Google News

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.

Related
JPMorgan CEO Says Crypto Market Could Reach $5 Trillion, Urges Regulators to Pay Attention
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.

article image
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.