JPMorgan CEO Advises Investors to Stay Away From Bitcoin — ‘My Personal Advice Is Don’t Get Involved’

Jamie Dimon, the CEO of JPMorgan Chase, has advised investors to enactment distant from bitcoin. “My idiosyncratic proposal is don’t get involved,” helium said. “But I don’t privation to archer anyone what to do. It’s a escaped country.” The enforcement added that helium doesn’t attraction astir Blackrock, the world’s largest plus manager, embracing bitcoin, insisting that the cryptocurrency’s usage cases are illicit activities.

JPMorgan CEO’s Bitcoin Investing Advice

The CEO of JPMorgan Chase, Jamie Dimon, erstwhile again weighed successful connected bitcoin and crypto investing successful an interrogation with CNBC connected Wednesday. His comments came amid increasing organization involvement successful crypto, with large plus absorption firms, similar Blackrock, embracing BTC pursuing the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).

Dimon began by stating: “Blockchain is real. It’s a technology. We usage it. It’s gonna determination money, it’s gonna determination data, it’s efficient. We’ve been talking astir that for 12 years too. And it’s precise small.” Regarding cryptocurrencies, the JPMorgan brag said determination are 2 types. “There’s a cryptocurrency which mightiness really bash something,” Dimon explained. “If a cryptocurrency has an embedded astute declaration successful it, and past we tin usage it to bargain and merchantability existent estate, determination information that whitethorn person worth … tokenizing things that you bash thing with.”

The JPMorgan enforcement proceeded to picture the 2nd benignant of cryptocurrency. “And past there’s 1 which does nothing, I called it favored rock, the bitcoin, thing similar that,” helium stated, reiterating his erstwhile connection astir bitcoin’s usage cases being illicit activities. “So connected the bitcoin … determination are usage cases: AML, fraud, anti-money laundering, taxation avoidance, enactment trafficking — those are existent usage cases. And you spot it being utilized for … possibly $50 billion, a $100 cardinal a twelvemonth for that. That is the extremity usage case. Everything other is radical trading among themselves.” Nonetheless, Dimon insisted, “I support your close to bash bitcoin,” elaborating:

My idiosyncratic proposal is don’t get involved. But I don’t privation to archer anyone what to do. It’s a escaped country.

When questioned astir the caller engagement of large plus managers similar Blackrock and Fidelity successful the bitcoin market, including Blackrock CEO Larry Fink becoming a large believer successful BTC, Dimon responded:

Number one, I don’t care. So conscionable delight halt talking astir this.

“And I don’t cognize what helium [Larry Fink] would accidental astir blockchain versus currencies that bash thing versus bitcoin that does thing … But you cognize this is what makes a market. People person opinions, and this is the past clip I’m ever going to authorities my opinion,” Dimon concluded.

Blackrock launched a spot bitcoin ETF, the Ishares Bitcoin Trust, past week with JPMorgan arsenic a pb authorized participant. Dimon has agelong been a vocal bitcoin and crypto skeptic. He said successful December past twelvemonth that helium would close crypto down if helium were the government.

Dimon’s statements astir bitcoin drew tons of comments connected societal media. Microstrategy’s enforcement chairman, Michael Saylor, an avid Bitcoin advocate, commented connected X: “If you brushwood a unusual caller plus (‘Pet Rock’) circulating connected a blockchain that ‘does nothing’ different than let radical to ain thing they tin ‘trade among themselves’ without fearfulness of debasement oregon theft, you person conscionable discovered integer money.”

What bash you deliberation astir the statements by JPMorgan CEO Jamie Dimon astir bitcoin? Let america cognize successful the comments conception below.