Coinspeaker JPMorgan CEO Jamie Dimon Reiterates Bearish Stance on Bitcoin and Other Virtual Assets
While there are many Bitcoin believers confident in the existence of the cryptocurrency, there are also unrepentant BTC critics like JPMorgan (NYSE: JPM) CEO Jamie Dimon. The CEO has made several bearish comments on crypto and continues to be vocal about his stance against all virtual currencies. One of his famous criticisms against Bitcoin was in 2017 when he called the top crypto asset a “fraud.” To further his opposition to the digital asset, he added that any JPMorgan trader caught trading BTC would be fired immediately.
Over time, Jamie Dimon has eased his posture about crypto assets but remains oppositional to Bitcoin. Some time ago, he revealed his belief in blockchain technology, noting that emerging technology has value. JPMorgan has also been exploring the blockchain despite the CEO’s stance on cryptocurrencies.
Jamie Dimon is particularly against Bitcoin and all it stands for. He reiterated his opinion about Bitcoin and other cryptocurrencies while speaking at the company’s 41st annual Healthcare Conference. He referred to digital currency as a speculative “asset” that can never replace real money or become an efficient payment system. JPMorgan’s boss added that crypt had become a standard tool among criminals for illicit activities. As a matter of fact, Dimon said virtual assets are used more for illegal activities than legal ones. The businessman further explained that crypto volatility is why some people invest in them other than acquiring tangible products and investing in services.
In a tweet, the Chief Innovation and Commercialization Officer for Atrium Health, Rasu Shreshtha, wrote that Dimon called crypto a “Decentralized Ponzi scheme.” This is the umpteenth time Jamie Dimon will be attacking Bitcoin and other altcoins. The CEO referred to Bitcoin last year as “dirty” and “expensive.” He slammed crypto during the Institute of International Finance meeting held in Wasghton in October 2021. The billionaire stated that he would “never” buy cryptocurrencies.
Although Jamie Dimon remains a Bitcoin critic, JPMorgan continued to make waves in the blockchain industry. The company already allows tokenized US dollar deposits with JPM Coin. Coinspeakr also reported in October that the financial services company is creating a payment opportunity for Non-Fungible Tokens. The company partnered with Visa to unveil a joint blockchain payment gateway. Reports showed that the duo was planning to roll out the payment gateway in multiple countries.
There were also talks on music NFT media at JPMorgan.
JPMorgan CEO Jamie Dimon Reiterates Bearish Stance on Bitcoin and Other Virtual Assets