JPMorgan CEO Jamie Dimon Warns People to Be Careful When Investing in Crypto Citing "No Intrinsic Value"
The CEO of global investment bank JPMorgan has warned investors about investing in cryptocurrency. “Cryptocurrency has no intrinsic value. You are basically buying a token,” he said. “I would be very careful.” JPMorgan Boss Jamie Dimon Warns About Investing in Crypto
JPMorgan Chase and Co’s (JPM.N) chief executive officer, Jamie Dimon, shared his thoughts on the U.S. economy, inflation, China, and cryptocurrency in an interview with CBS Boston, published Wednesday.
He was asked whether young people should invest in crypto in reference to several commercials encouraging investors to put money in cryptocurrencies, such as a commercial featuring Tom Brady and his wife Gisele Bundchen.
“I’m a skeptic,” Dimon replied. “I mean blockchain is real if we use it for certain things. Parts of defi (decentralized finance) are real.” However, the JPMorgan boss emphasized: Cryptocurrency has no intrinsic value. You are basically buying a token. Why it has a lot of that I don’t know, and I think there’s so much speculation taking place in stocks and securities and crypto and stuff like that. I would be very careful.
Nonetheless, Dimon said: “I defend people’s right to do it in a free country. I’m not going to do it.”
On Tuesday, Reuters also reported Dimon commenting on cryptocurrency. “It is not really a currency … It is hysteria,” the JPMorgan CEO was quoted as saying.
Dimon has always been a bitcoin skeptic. In October, he said that bitcoin is “worthless,” questioning the cryptocurrency’s limited supply. He also said regulators will “regulate the hell out of it.” In May, he advised people to stay away from cryptocurrency.
However, the CEO of JPMorgan acknowledged that his clients are interested in this asset class and the bank is now offering some crypto investments to clients.
The firm’s analysts even doubled down on their prediction that the price of bitcoin will hit $146K in the long term. They see a “bullish outlook” for bitcoin as inflation concerns push the price of BTC higher. Tags in this story Jamie Dimon, jamie dimon bitcoin, jamie dimon crypto, jamie dimon cryptocurrency, JP Morgan, jpmorgan, jpmorgan ceo
What do you think about the warning by JPMorgan CEO Jamie Dimon? Let us know in the comments section below. Seventh-Largest NFT Platform Rarible Launches Messaging Application NEWS | 11 hours ago Jury to Decide Fate of Billion-Dollar Bitcoin Lawsuit Involving Craig Wright NEWS | 13 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleUS Senator Asks Coinbase, Gemini, Binance, Tether How They’re Protecting Consumers Next articleMexico’s Third Richest Man Advises Buy Bitcoin Now — Says US Looking Increasingly Like Third World Country Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItAustria Plans to Tax Cryptocurrencies Like Stocks, Vows Equal Treatment
As a growing number of governments are looking to tap into crypto profits, authorities in Austria have indicated their intention to tax gains from digital asset investments just like those from stocks and bonds. The move is expected to increase ... read more.Hong Kong Company Onedegree to Offer Insurance for Cryptocurrencies SEC Rejects Vaneck Bitcoin Spot Market ETF Over Price Manipulation Concerns 13,000 BTC Moved in 20 Months — 2010 Mystery Miner Transfers Another String of 20 Decade-Old Block Rewards Meet the Antminer S19 XP — Bitmain Reveals ASIC Manufacturer"s Most Powerful Bitcoin Miner