JPMorgan Chase is the largest bank in the United States and the third largest listed bank in the world. If their boss expresses himself, then it has the potential to move markets. And this boss – his name is Jamie Dimon – often succeeds in doing that too. Only on Bitcoin and the rest of the crypto market does he bite his rhetorical teeth so far.
are customers different opinion
That doesn’t prevent him from continuing to position himself crystal clear against cryptocurrencies. At an event organized by the Institute of International Finance on Monday, Dimon said, “I personally believe that Bitcoin is worthless.”
“I don’t want to be a spokesman – I don’t care. It doesn’t make a difference to me, ”he added. “Our customers have grown up. You disagree. That’s what markets are all about. So if they want access to buy Bitcoin themselves, we can’t keep it for them, but we can give them legitimate access that is as clean as possible. “
Dimon doubts the cap limit
As CNBC reports, Dimon also questioned the essential value factor of Bitcoin. Accordingly, he does not believe that the Bitcoin inventory will really be locked in at 21 million units. “How do you know it ends at 21 million? Do you read all algorithms? Do you all believe that? I don’t know, I’ve always been a skeptic about such things. “
Dimon is not entirely alone with these views, but he is certainly not part of the mainstream of the financial world. Wall Street in particular had become increasingly friends with crypto currencies in recent times. In addition, it is difficult to remain so negative about an investment that is highly volatile, but delivers over and over again over the years and has always produced massive increases in value over its previous lifetime.
Crypto critic remains true to himself
Dimon does not contest that. As early as 2017, he called cryptocurrencies a “fraud”. Earlier this month, he told Axios that Bitcoin had “no intrinsic value” and that “regulators will regulate the hell out of it.”
“If people for tax avoidance, sex trafficking and ransomware, it will be regulated whether you like it or not, “he explained.
Time of the tirade surprised
At least Dimon manages to decouple his private views from the conduct of his official business. Under his leadership, JPMorgan began opening access to around half a dozen cryptocurrency funds in August and enabling financial advisors to invest private bank customers in a crypto fund. So Dimon remains true to himself, but does not damage the business of his bank.
At best, the timing of the latest criticism may surprise you. It came at a time when Bitcoin was only a few thousand euros away from its all-time high.