In a throwback to 2017, JPMorgan CEO Jamie Dimon launched another scathing attack on Bitcoin as markets approach their all-time highs. Although the president and CEO of the Wall Street investment bank has reiterated his disdain for the world’s most popular digital asset, many of its wealthiest clients tend to disagree.
comments came during an International Finance Institute event on October 11 when Dimon said “I personally think bitcoin is useless.”
He went on to admit that the bank’s clients are still asset class hungry and would continue to give them access,
“Our clients are adults. I do not agree. That is what markets do. So if they want access to buy bitcoin from you, we can’t keep it, but we can give them legitimate access, as clean as possible.
Dimon redux 2017
It wouldn’t be a bitcoin bull run without bankers hitting it right, as Dimon’s comments are reminiscent of events during the last peak of the cycle when he labeled it a ‘fraud’.
In fact, the director of the investment bank has made similar comments almost every year since 2014 when he called it a “terrible store of value”, with the prices of a BTC hovering around $ 500.
Messari Crypto founder Ryan Selkis couldn’t resist tweeting list of Dimon’s mockery that includes terms like “fool’s gold” and “going nowhere.”
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Dimon also believes that Bitcoin will be ‘regulated in hell’, which may be closer to the mark considering recent pressure and concern from US financial regulators.
He also questioned the 21 million supply limit by asking, ‘Have you read all the algorithms? Guys, do you all believe it? I don’t know, I’ve always been skeptical about things like that. “
Regardless of the CEO’s hatred for the asset, JPMorgan began offering its institutional clients access to BTC and passively managed cryptocurrencies in August.
Speaking at Axios on HBO earlier this month, Dimon, who is paid around $ 30 million a year, reiterated his view that bitcoin “has no intrinsic value,” adding, “I’ve always believed it will be made illegal. somewhere, how China made it illegal, so I think it’s a bit of gold for fools.
Speaking to the Times of India in September, he confirmed that he is not a buyer of bitcoins, but added that “that does not mean that he cannot increase the price 10 times over the next five years.”
Banking analysts recommending exposure to bitcoin
It appears that the company and its clients strongly disagree with the CEO’s position.
Earlier this year, strategists at JPMorgan suggested that a 1% portfolio allocation to bitcoin would serve as a hedge against fluctuations in traditional asset classes, such as stocks, bonds, and commodities.
In February 2019, the bank promoted JPM Coin in an effort to gain a foothold in the cryptocurrency industry, but it never gained much traction.
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