JPMorgan Chase Chairman and CEO calls Bitcoin worthless
By Bob Garcia
Jamie Dimon isn’t afraid to tell the world what he really thinks about cryptocurrencies like Bitcoin. The JPMorgan Chase Chairman and CEO pulled no punches yesterday at the Institute of International Finance’s annual membership meeting, where he called Bitcoin worthless.
“I personally think bitcoin is worthless, but I don’t want to be a spokesperson,” Dimon said. He added, “I don’t care, it makes no difference to me. I don’t think people should smoke cigarettes.”
Dimon’s distaste for Bitcoin comes at a time when the world’s leading crypto is at a five-month high. Yet Dimon’s cold stance on cryptocurrency is by no means new. In 2017, the head of JPMorgan Chase called Bitcoin “a fraud” and said that the popularity of Bitcoin was worse than the seventeenth century’s Dutch tulip mania bubble.
More recently, Dimon suggested bitcoin was “stupid”, “far too dangerous”, “a little bit of fool’s gold”, and that “it’s got no intrinsic value.” Nonetheless, Dimon’s personal views don’t reflect the stance of his employer, which gives its clients access to crypto markets.
Dimon noted, “Our clients are adults. They disagree. That’s what makes markets. So, if they want to have access to buy yourself bitcoin, we can’t custody it but we can give them legitimate, as clean as possible, access.”
JPMorgan Chase is scheduled to report its third quarter earnings before the markets open on Wednesday. More information about JPMorgan Chase can be found at jpmorganchase.com.