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JPMorgan CEO warns investors to stay away from Bitcoin

CryptocurrencyMay 28, 2021 01:00PM ET
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JPMorgan CEO warns investors to stay away from Bitcoin

Despite making an entry into the cryptocurrency space, JPMorgan’s CEO Jamie Dimon has issued a note of warning to investors about Bitcoin. He advised them to stay away from Bitcoin.

During a House Financial Services Committee hearing on Thursday, Republican Congressman Warren Davidson asked Dimon about how his perspective of Bitcoin has changed. Dimon, in response, explained that his views have not really changed, noting that:

My own personal advice to people is [to] stay away from it. That does not mean the clients don't want it. This goes back to how you have to run a business. I don't smoke marijuana, but if you make it nationally legal, I'm not going to stop our people from banking it. I don't tell people how to spend their money.
Back in 2017, Dimon labeled Bitcoin a “fraud,” saying that the leading digital asset is nothing like gold or fiat currencies.

My own personal view is it's nothing like a fiat currency, it's nothing like gold. Buyer beware.
It is surprising at the very least that the investment bank’s CEO does not support Bitcoin but his analysts advised clients back in February to allocate one percent of their portfolio to Bitcoin and other cryptocurrencies.

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JPMorgan CEO warns investors to stay away from Bitcoin
 

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Si Gi
Si Gi May 28, 2021 2:59PM ET
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"JPMorgan creates digital coin for instant payments", "JPMorgan Chase Poised To Offer Bitcoin Fund To Wealthy Customers", "Mechanically, the bitcoin price would have to rise [to] $130,000, to match the total private sector investment in gold," JPMorgan analysts wrote. "Ark Invest and JPMorgan expect Bitcoin to hit $130K–$470K ... Top funds in the U.S. expect Bitcoin to hit anywhere between $130K to half a million ..." .. it is just a few headlines from different news sources, but JPMorgan CEO "warns investors to stay away from Bitcoin" ? Is this a joke or what??
Dean Jayes
Dean Jayes May 28, 2021 2:59PM ET
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This is straight FUD.
Sherman Shields
Sherman Shields May 28, 2021 2:59PM ET
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