James Dimon, CEO of one of the largest US banks, JPMorgan, spoke at a meeting of the Congress Financial Services Committee. Among other things, Daimon was asked how his opinion about bitcoin has changed in recent years.
“My personal recommendation to people is to stay away from him,” the CEO of JPMorgan said. “I’m not saying customers don’t want this. The question goes back to how the business should be run. I do not smoke marijuana, but if you make it legal nationally, I will not stop people from storing it. I don’t tell people how to spend their money. ”
In 2017, Daimon called Bitcoin a hoax and promised to fire any trader caught trading it. Subsequently, he stated that he was mistaken, but still does not see cryptocurrency as a suitable investment asset for himself. In April, it became known that JPMorgan was preparing to launch an actively managed bitcoin fund for high net worth clients.
Daimon, however, over time returned to his critical views on cryptocurrency.
“Personally, I think it has nothing to do with fiat currency or gold. A word of caution to buyers, ”JPMorgan CEO said in his last keynote speech.
JPMorgan last week released another cryptocurrency report in which it said institutional investors are ditching Bitcoin in favor of gold. Analysts noted that the bitcoin futures market experienced “the sharpest and longest liquidation since the rally last October,” while inflows to precious metal funds increased.