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JPMorgan CEO: Skeptical of Bitcoin but favors Blockchains & Stablecoins

JPMorgan CEO: Skeptical of Bitcoin but favors Blockchains & Stablecoins.

Jamie Dimon, Chief Executive Officer of JPMorgan Chase, is still skeptical of Bitcoin and encourages individuals to avoid the crypto market.

To some extent, Dimon has a disputable history with bitcoin and the rest of the crypto market. In September 2017, about three months before bitcoin touched ATH of nearly $20,000 and crashed shortly after that, Dimon released a bomb on the crypto world. He denominated bitcoin as a “fraud” and further stated, “It’s just not a real thing, eventually it will be closed.”

Surprisingly, he apologized for his comments a year later, but it seems that it was just a formality from his side, and his opinions were still negative for Bitcoin.

In 2020, He repeated his longstanding belief that governments would ultimately more heavily regulate it and added that “very smart people” are buying into the cryptocurrency in the belief that it will outperform gold, the U.S. dollar, and U.S. Treasury bonds. but “Let them do that; it’s just not my cup of tea.”

The financial goliath believes that cryptographic forms of money are not equivalent to fiat cash or gold, cautioning: “purchasers be careful.” Dimon explained that he was pointing at digital currencies, not blockchains or stablecoins. Although, Dimon concluded,

I don’t tell people how to spend their money, regardless of how I might personally feel about something.

Aside from his perspectives, JPM has examined the best way to enter the crypto market following the latest boom. Dimon featured substantial interest from institutional customers, which is the main reason why the biggest U.S. bank is thinking of offering an actively regulated BTC fund.

He proposed that the resource class could profit from a more rigorous regulatory framework. Although Dimon probed regulators for being “a day late and a dollar short,” he reflected that the government would “pay a lot more attention” eventually.

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