JPMorgan Chase CEO Jamie Dimon reaffirmed his stance on cryptocurrencies in a recent interview.
“It is an idiot who borrows money to buy Bitcoin,” the JPMorgan boss told the Times of India.
“I don’t really care about Bitcoin… I’m not a Bitcoin buyer.”
“People spend a lot of time and breath” for the digital asset, which has gained 50% to date and hit an all-time high of nearly $65,000 in April, Dimon said. The famous executive clarified that his apathy is not linked to Bitcoin’s possible price rally.
“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.”
Stating that Bitcoin is a waste of time and breath, Dimon also touched on the crypto money regulations that are on the agenda in his statement to the Times of India.
“Governments regulate almost everything. I don’t know if it’s an asset or a currency. I don’t know if crypto assets have a unit or not. I don’t know if it’s securities law, but they will. And that will limit it to some extent. But if it does, I have no idea and personally I don’t care. I am not a Bitcoin buyer.”
Indeed, the US Securities and Exchange Commission, led by Gary Gensler, has signaled that it may take action regarding cryptocurrency restrictions. Calling for the regulation of cryptocurrencies as securities, Gensler recently described the market as the “Wild West” and compared stablecoins to poker chips.
What’s more, China banned all cryptocurrency transactions last week, making its digital assets one of the few countries.
Besides, the comments of Dimon, who has been the head of the bank since 2005, were already known by the industry. In May, he warned people not to buy cryptocurrencies. He also urged the authorities to more closely regulate the rapidly growing, but only beginning to form, space. In 2017, he called Bitcoin a “fraud” and threatened to fire employees who traded Bitcoin. While Dimon later expressed regret for this statement, he reiterated that he was not interested in cryptocurrency.
Despite this, in July of this year, JPMorgan became the first major bank to provide retail asset clients with access to cryptocurrency funds, a milestone for the space.