Jamie Dimon, the CEO of one of the biggest financial institutions of the world, JPMorgan, has once again let the world know about his stance on bitcoin and cryptocurrencies. Dimon said anyone who borrowed money to buy bitcoin was, in his opinion, a “jerk.” However, his personal opinion has not clashed with the fact that JPMorgan is now offering access to six cryptocurrency funds for its customers and even created its own digital ledger token for payments, called JPM Coin.
Jamie Dimon blows up cryptocurrencies
JPMorgan CEO Jamie Dimon has once again exploded crypto and bitcoin. The JPMorgan executive argued about the real value of cryptocurrencies and his take on the cryptocurrency world in an interview with the Times of India last week. Dimon said the latest cryptocurrency bull market was created by a lot of liquidity in the system, which then leads to speculation. Dimon said:
I am not a buyer of bitcoin. I think if you borrow money to buy bitcoin, you’re a fool.
However, Dimon also acknowledged that there is a possibility that the cryptocurrency industry could increase its value tenfold over the next several years.
Regulation and JPMorgan Offerings
Dimon was also asked about how he believes regulations will affect cryptocurrencies in the future. Although he pointed out that bitcoin was not his main interest, Dimon said he believed governments would regulate bitcoin at some point. He explained:
It is going to be regulated. Governments regulate just about everything. I don’t know if this is an asset. I do not know if it is exchange. I don’t know if it’s a currency. I don’t know if it’s the securities law. But they’re going to do it.
However, Dimon’s personal views on the validity of the cryptocurrency and the future regulation of the cryptocurrency market have not affected JPMorgan’s trade movements in crypto. In fact, the company is now more open to cryptocurrencies than it was two or three years ago. In August, the company announced that it would allow its clients access to six cryptocurrency-based investment funds (Grayscale’s Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust and Ethereum Classic Trust, and Osprey Bitcoin Trust).
Also, the company has dipped its toes when it comes to digital currencies. In October 2020, JPMorgan announced the creation of “JPM Coin”, a network that would allow its customers to make instant payments using blockchain technology.
