JPMorgan’s Jamie Dimon reiterates opposition against Bitcoin and calls anyone that borrows money to buy Bitcoin a “fool”

  • “If you borrow money to buy Bitcoin, you are a fool,” JPMorgan CEO said in an online interview.
  • The CEO revealed said that he does not care about Bitcoin. 

Jamie Dimon, the CEO of investment banking company JPMorgan Chase is one of the critics of Bitcoin and other cryptos in the finance industry. Despite the constant and growing adoption of Bitcoin among both retailers and institutions, Dimon has maintained his stance against BTC. As always, the CEO expresses his opposition against Bitcoin. 

JPMorgan CEO Jamie Dimon against Bitcoin

While speaking in a recent online interview with Times of India, Dimon reiterated his condescension to Bitcoin and talked about crypto regulation. The CEO specifically said that he does not “really care” about Bitcoin. As for him, people give too much attention to cryptocurrency by wasting “too much time and breath on it.”

Speaking further, Dimon also asserted his opinion on whether Bitcoin and altcoins should be banned or regulated. After stating that Bitcoin is a waste of time and breath, Dimon noted that the government would regulate the top cryptocurrency. He explained:

Governments regulate just about everything. I don’t know if it’s an asset. I don’t know if it’s foreign exchange. I don’t know if it’s a currency. I don’t know if it’s the securities laws, but they’re going to do it. And that will constrain it to some extent. But whether it eliminates it, I have no idea and I don’t personally care. I am not a buyer of Bitcoin.

In addition, Dimon called anyone that borrows money to buy Bitcoin a “fool.” The CEO believes that the ongoing Bitcoin mania is a bubble that may burst. He referred to three financial bubbles that occurred in the past. He talked about the Beanie Babies, which attracted a lot of investors in the 1990s. However, the market crashed and never recovered. Dimon also mentioned the Dutch tulip bubble, also known as “tulipmania.” 

Dimon refers to past speculations

The tulip bubble is one of the most popular market bubbles and crashes in history. The market surged as a result of speculation in the mid-1600s but eventually crashed. Furthermore, the JPMorgan CEO talked about the internet bubble and the dot-com bubble, which left many investors in disappointment. He added:

Speculation happens in every market around the world, including the communist countries. So, I don’t know why there is a surprise with a lot of speculation, particularly when there’s as much liquidity in the system.

Following his statement on anyone who buys Bitcoin with borrowed money, the JPMorgan executive stated:

That does not mean it [Bitcoin] can’t go 10 times in price in the next five years. But I don’t care about that. I learned a long time ago [to]figure out what you want and be successful yourself.

Despite the CEO’s opposition to Bitcoin, JPMorgan partnered with New York Digital Investment Group (NYDIG) to provide a Bitcoin Fund to wealthy clients

 

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Bio: Ibukun Ogundare is a crypto writer and researcher who uses non-complex words to educate her audience. Ibukun is excited about writing and always looks forward to bringing more information to the world.

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