Jamie Dimon calls bitcoin ‘worthless’
JPMorgan Chase chairman and CEO Jamie Dimon again criticized bitcoin, but admitted that clients of the financial holding company think otherwise.
"Our clients are adults. They disagree. That’s what makes markets. So, if they want to have access to buy yourself bitcoin, we can’t custody it but we can give them legitimate, as clean as possible, access," he said.
During the annual meeting of the Institute of International Finance CEO JPMorgan said that cryptocurrencies will fall under regulation, as concerns in Washington about stabelcoins and a new asset class in general are growing.
Previously, JPMorgan's CEO has repeatedly criticized cryptocurrencies, promising to fire employees who deal in digital assets.
The CEO also spoke harshly about bitcoin holders themselves.
Jamie Dimon Oct 2017 5k BTC— Bitcoin Meme Hub 🔞 (@BitcoinMemeHub) September 27, 2021
“If you are stupid enough to buy #bitcoin, you’ll pay the price one day”
Jamie Dimon Sept 2021 44k BTC
“ Bitcoin price could 10x next five years”
And recommended to stay away from bitcoin.
Ryan Selkis, founder of the analytics firm Messari, published Dimon's key talking points about bitcoin from 2014 and compared them to price movements.
Jamie Dimon on BTC:— Ryan Selkis (@twobitidiot) October 11, 2021
2014: “terrible store of value”
2015: “will not survive” “will be stopped”
2016: "going nowhere"
2017: "a fraud"
2018: "don't really give a shit"
2019: [JPMCoin launch]
2020: “not my cup of tea”
2021: “I have no interest in it” “fool’s gold” “worthless”
Mike Novogratz, founder of cryptocurrency bank Galaxy Digital, was surprised by Dimon's stance.
So strange. For a man who has done a brilliant job running a giant bank, his answers around $BTC are sophomoric and he keeps doubling down on them. I pray I stay open minded my whole life. https://t.co/d4rJpUFGKH— Mike Novogratz (@novogratz) October 11, 2021
Anyway, analyst Joseph Young noted that Dimon's statements are traditional for a bull market.
It's not a Bitcoin bull market without Jamie Dimon saying it's worthless.— Joseph Young (@iamjosephyoung) October 11, 2021