Crypto or Cryptocurrencies are one of the largest investment ideas people are interested in. But JPMorgan Chase CEO Jamie Dimon said otherwise about investing in bitcoins. He mentioned that his personal advice to people would be “Stay Away” from cryptocurrencies. But, on the other hand, his bank, JPMorgan, will not “stay away” from crypto as they play an important role in getting exposure. So, will you stay away from crypto?
Let’s look over what Jamie Dimon said about Bitcoin and other cryptos
The largest bank of the United States is JPMorgan Chase, so when its CEO says something, we outa take a look. Jamie Dimon gave his esteemed testimony regarding crypto on Thursday before the House of Financial Service Committee. Dimon did confess that JPMorgan’s clients show high interest in Bitcoin. But he also says his personal advice to people will be to stay away from bitcoin and other cryptos. He compares investing in bitcoins to smoking Marijuana in a unique way. Jamie tries to give an example that he doesn’t smoke marijuana. But if it is legal, he is not going to stop people from using it.
He further continues and asks people to be aware because, according to his perspective, crypto is nothing like fiat currency or gold. And, he says this because he thinks there is a debate going about making cryptocurrencies available somehow. Also, safely to help people buy and sell them.
Jamie clarifies his views about crypto vs. blockchain
In the same testimony, Jamie also said he stands by what he says regarding cryptocurrencies. He is not at all against blockchain or stablecoins as they are “supported by assets”. Dimon further clarifies that his personal perspective does not reflect JPMorgan Chase’s financial services. He says that his clients are interested in knowing how to help in buying or selling cryptocurrencies. Jamie also mentions in a shareholder meeting that they are investing when they simultaneously speak about it.
He also added to his conversation by saying that he doesn’t advise people on how they should spend their money. Though he might feel otherwise, obviously, he won’t suggest anything on this. He reiterates what he said in April regarding cryptos being emerging issues that need urgent attention. In congressional testimony, Jamie also said that the crypto-asset might add benefit to providing more regulation.
Dimon has always been skeptical about Bitcoin
Jamie is one of the people who always bashes cryptocurrencies. Once in September 2017, he said that cryptos are fraud. But now, with people being more aware of this blockchain excellence, they made JPMorgan get into the crypto world as well. The company launched a new crypto investment product that will track stocks enabling exposure to bitcoin. Analysts in JPMorgan predicted that the price of crypto could reach up to 146K, giving Gold perfect competition. Hence they started investing in it as well.
Well, not investing in cryptocurrency now means one wishes to be poor in the future. It is a perfect investment at least that’s what I believe. So what do you think about Jamie Dimon’s statement? Will you invest in crypto or stay away? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.