JP Morgan CEO Says He Does Not “Care About Bitcoin”. Here’s Why
Jamie Dimon, the iconic financial mogul and Chief Executive Officer of multinational investment banking firm JPMorgan Chase recently shared his opinion about the volatile cryptocurrency industry and its flagship asset, Bitcoin (BTC). Speaking in an interview with Times of India (TOI), Dimon said he does not really “care about bitcoin” when asked his take on whether the digital currency should be regulated or not.
Dimon expressed his amazement at how a growing number of people wastes too much of their “time and breadth” on discussions that are centered on Bitcoin, pointing out the nascent asset class will be regulated by governments eventually.
“I don’t really care about Bitcoin. I think people waste too much time and breath on it. But it is going to be regulated. […] And that will constrain it to some extent. But whether it eliminates it, I have no idea and I don’t personally care,” the CEO submitted.
Dimon said he cannot categorically place the angle the governments will usher in their proposed regulation on the cryptocurrency, noting that it could either be as an asset, security, a currency, or foreign exchange respectively. Either way, Dimon noted he may not be so interested as he is “not a buyer of Bitcoin.”
Personally Bearish But Logically Factual
The personal disposition of the JPMorgan boss did not stop him from pointing out the potential bearish side of Bitcoin. According to him, that he does not support Bitcoin does “not mean it can’t go 10 times in price in the next five years,” a pricing range that will make BTC worth over $430,000, atop a market capitalization of over $8 trillion, going by the current trading value of $43,151.94 per data from CoinMarketCap.
While Jamie Dimon is a known critic of Bitcoin, his opinion is largely not reflective of the strides his company always makes the headlines for. JPMorgan has a very rich engagement with the cryptocurrency ecosystem, legitimately becoming the first-ever bank in the United States to offer crypto funds to wealthy retail clients back in July.
With its vested interest in the digital currency ecosystem, JPMorgan analysts are always sharing their expert opinion about market trends. These comments are often targeted at helping investors gauge the trends in the ecosystem per time as they make their investment decisions.