JPMorgan Chase CEO: Bitcoin is ‘worthless’
14:08, 12 October 2021
The CEO of JPMorgan Chase, the US’ biggest investment bank, displayed a bearish stance on cryptocurrencies in comments made at a recent conference.
“I personally think that Bitcoin is worthless, I don’t want to be exposed to it,” JPMorgan Chase’s Jamie Dimon said in a video released on YouTube.
“Our clients are adults they disagree; that’s what makes markets. So if they want to have access to buy or sell Bitcoin you know it’s hard. We can’t custody it but we can give them legitimate as clean as possible access.”
Comments made at international finance meeting
Dimon’s comments were made on Monday as part of the Institute of International Finance’s annual membership meeting in a Views from the C-Suite session.
Reuters also commented on the crypotcurrency in a news item from Reuters, which was covering the conference.
“No matter what anyone thinks about it, government is going to regulate [Bitcoin],” Dimon said in a Reuter’s news item which was covering the conference.
The comments didn’t have much of a ripple effect on the cryptocurrency, which was trading down 0.6% at $57,404 at 10:00am EST (UTC-5).
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Dimon bearish on Bitcoin
This wasn’t the first time the CEO made disparaging comments about the crypocurency, Dimon has long been a critic of Bitcoin, calling it “stupid” in 2017 and earlier this year advised people to “stay away from it” during a House of Representatives committee hearing.
Although Dimon is personally wary of Bitcoin, his bank launched its own cryptocurrency in 2019, operating on its proprietary Onyx blockchain.
JPMorgan Chase media representatives did not immediately respond to e-mail sent by Capital.com seeking official comment.
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