JPMorgan Chase CEO Jamie Dimon has once again criticized Bitcoin and called the people who buy it, especially on credit, stupid.
Despite the growing interest of organizations and individuals in bitcoin, Jamie Dimon remains pessimistic about it. In the recent
interview to the Times of India, he once again spoke disparagingly about bitcoin and other cryptocurrencies, saying that he “doesn’t give a damn” about them. According to Daimon, people are paying too much attention to cryptoassets. At the same time, he noted that sooner or later governments will control digital assets, since we are talking about investments.
“I don’t know what bitcoin is: an asset, a foreign currency or a security. But regulators will take control of Bitcoin, and this will limit it to some extent. But I have no idea if government bans can eliminate Bitcoin. Personally, I don’t care, because I don’t hold bitcoin. I can only call those fools who borrow money to buy it, ”said Daimon.
The CEO of JPMorgan Chase does not exclude the possibility that in the next five years, the bitcoin rate can really grow 10 times. At the same time, Daimon remembered almost all the “market psychoses” over the past few centuries. He likened the spread of bitcoin to the mass craze for teddy bears in the 1990s, when up to $ 2,000 was paid for one toy. Daimon also mentioned “tulip mania”, when in the mid-1600s there was such a demand for tulip bulbs in Holland that people were ready to sell real estate for them.
In addition, the JPMorgan executive drew an analogy between Bitcoin and the dot-com bubble, which saw internet stocks skyrocket between 1995 and 2000. However, due to an ill-conceived business concept, many companies focused on selling over the Internet have gone bankrupt.
Daimon had previously discouraged potential investors from investing in the first cryptocurrency. Despite Daimon’s criticism of bitcoin, in August JPMorgan already began offering high-end clients in its Private Bank division access to its own managed bitcoin fund.
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