“If you borrow money to buy Bitcoin, you are a fool” – Bitcoin News
Jamie Dimon, CEO of one of the world’s largest financial institutions, JPMorgan, has once again made his stance on bitcoin and cryptocurrencies known to the world. Dimon said anyone who borrowed money to buy bitcoin was, in his opinion, a “jerk.” However, his personal opinion did not clash with the fact that JPMorgan now offers access to six cryptocurrency funds to its customers and has even created its own digital ledger token for payments, called JPM Coin.
Jamie Dimon blows up cryptocurrencies
JPMorgan CEO Jamie Dimon has once again exploded crypto and bitcoin. The JPMorgan executive discussed the real value of cryptocurrencies and his take on the cryptocurrency world in an interview with The Times of India last week. Dimon said the latest cryptocurrency bull market was created by a lot of liquidity in the system, which then leads to speculation. Dimon said:
I am not a bitcoin buyer. I think if you borrow money to buy bitcoin you are a jerk.
However, Dimon also acknowledged that there is a possibility that the cryptocurrency industry could increase its value tenfold over the next several years.
JPMorgan regulations and offers
Dimon was also asked how he thinks regulations will affect cryptocurrencies in the future. Although he pointed out that bitcoin was not his main interest, Dimon said he believed governments would regulate bitcoin at some point. He explained:
It will be regulated. Governments regulate just about everything. I don’t know if this is an asset. I do not know if it is exchange. I don’t know if it’s a currency. I don’t know if it’s the securities law. But they will do it.
However, Dimon’s personal views on the validity of the cryptocurrency and the future regulation of the cryptocurrency market have not affected JPMorgan’s trade movements in crypto. In fact, the company is now more open to cryptocurrencies than it was two or three years ago. In August, the company announced that it would allow its clients access to six cryptocurrency-based investment funds (Grayscale’s Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust and Ethereum Classic Trust, and Osprey Bitcoin Trust).
Additionally, the company has dipped its toes when it comes to digital currencies. In October 2020, JPMorgan announced the creation of “JPM Coin”, a network that would allow its customers to make instant payments using blockchain technology.
What do you think of Jamie Dimon’s remarks on bitcoin? Tell us in the comments section below.
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