In an interview published Monday, JPMorgan Chase CEO Jamie Dimon reiterated his skepticism about Bitcoin and warned investors that the cryptocurrency has no underlying value.
Dimon initially said that Bitcoin will survive for a long time, but “I always believed that it would be made illegal somewhere, just as China made it illegal, so I think it’s a bit of ‘dumb gold’.” made the addition. For those who don’t know The expression ‘dumb gold’ is used for any flashy but ultimately worthless investment. The term originally referred only to iron pyrite, which was often mistaken for gold.
Dimon used expressions for Bitcoin, “It has no real value”.
The famous CEO also thinks that Bitcoin should be regulated by governments. “They have to,” he said. According to Dimon, sooner or later an arrangement will be made.
At the same time, Dimon is already known as a crypto critic who considers Bitcoin a “fraud” and a waste of time. He also recently said that he wouldn’t mind if the Bitcoin price goes higher:
“This, [Bitcoin]That doesn’t mean it can’t go up to 10 times its price in the next five years. But I don’t care. I learned a long time ago to find what you want and be successful.”
Dimon’s critical comments do not change the fact that mainstream financial institutions, including his own JPMorgan, are interested in cryptocurrencies. Moreover, this interest is increasing over time. In July, JPMorgan Chase opened access to cryptocurrency funds for all clients of its asset management division.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.