JPMorgan CEO Jamie Dimon advised people to stay away from Bitcoin. Dimon, one of the most famous names standing against BTC between 2017 and 2018, has been making some more positive statements recently.
JPMorgan CEO: “Stay away from Bitcoin”
Although the organization he works for is much more open to the cryptocurrency world these days, Jamie Dimon, CEO of JPMorgan, has advised people to stay away from digital assets. However, Dimon acknowledged that the bank’s corporate customers have shown high demand for such products in recent months.
JPMorgan Chase and Co’s Chief Executive Officer has a somewhat controversial history with Bitcoin and the crypto market. While the parabolic price increase continued in 2017, he described the primary digital asset as a “fraud”.
Dimon, interestingly, apologized for his comments a year later, but his opinion does not seem to change much today. In his final statement to the US House of Representatives Financial Services Committee, Dimon spoke quite harsh words.
“It cannot be compared to gold and fiat money, but I am only talking about BTC”
“My personal advice to people is this: stay away from Bitcoin,” the billionaire said. Dimon also added that cryptocurrencies cannot be compared to traditional fiat currencies and gold.
Dimon explained that he is not talking about stablecoins and Blockchain, but specifically Bitcoin and other digital assets.
Still, Dimon concluded: “I can’t tell people how to spend their money, even though I personally feel something.”
JPMorgan still wants to enter the cryptocurrency space
Alongside his personal views, JPM discusses ideas on how to enter the crypto market after the latest boom. Dimon underlined the great interest from corporate customers. This is the main reason why the largest US bank is considering offering an actively managed BTC fund.
“Many of our clients ask, ‘Can we help them buy or sell cryptocurrency? And we invest in it. “
It is worth noting that JPM is not the only giant US bank looking for ways to enter the digital asset space. The country’s oldest banking institution, BNY Mellon, launched its crypto custody services earlier this year.
Shortly after, Goldman Sachs followed suit and even applied to launch a Bitcoin ETF. Morgan Stanley followed a similar path.