JPMorgan Chase CEO Jamie Dimon has given personal advice to investors regarding investing in cryptocurrencies like bitcoin. He said his personal advice to people is to “stay away” from cryptocurrency. However, his bank, JP Morgan, will not shy away as customers seek investment in this asset class.
Jamie Dimon’s Personal Advice to Investors About Bitcoin, Other Cryptocurrencies
Jamie Dimon, CEO of JPMorgan Chase, the largest bank in the US, gave his congressional testimony on Thursday before the House of Financial Services Committee regarding cryptocurrency. Acknowledging that JPMorgan’s customers are interested in investing in bitcoin, Dimon said:
My own personal advice to people is to stay away from it. This does not mean that customers do not want it. It goes back to how you have to run a business. I do not smoke marijuana but if you make it legal at the national level, I will not stop my people from banking it.
The CEO of JP Morgan continued, “We are debating whether we should make it available in some way in a safe manner so that people can buy and sell it” and put it in their financial statements and balance sheets. “But I have my own personal view, it is nothing like a fiat currency. It is nothing like gold. Careful customer.”
Dimon clarified that his statements apply only to cryptocurrencies, and not to blockchains or stablecoins, which are “backed by assets,” he said.
JPMorgan Chase further emphasized that their personal views do not affect the financial services provided by JPMorgan Chase to its customers. “A lot of our customers are asking, ‘Can we help them buy or sell cryptocurrency?” Dimon said at the annual shareholder meeting of JPMorgan Chase last week. “And we’re investing in that as we speak.”
The JP Morgan executive said during his congressional testimony on Thursday:
I don’t tell people how to spend my money, even if I personally feel about something.
Reiterating his view expressed in April that cryptocurrencies are emerging issues Dimon said in his congressional testimony that it needed to be dealt with quickly that the crypto asset class could benefit from greater regulation.
“I think ultimately regulators who are one day late and one dollar short should pay too much attention to the future, such as paying for order flows, a high-frequency trade, cryptocurrency, and building a legal regulatory framework all around. This, ”he said.
Daemon has been a bitcoin skeptic for a long time. He called cryptocurrency a. said betrayal Back in September 2017. Now JP Morgan is slowly entering the crypto space. Bank in march launched A crypto investment product monitors shares of a public company with bitcoin exposure. The bank is also reportedly working on giving customers access to bitcoin investments.
Jp morgan recently highlighted Three reasons The price of the cryptocurrency could reach its analysts to invest in bitcoin as its analysts predicted. $ 146K As gold increases its competition. The firm later lowered its bitcoin price estimate $ 130K But said that the customer can Enter 1% In their portfolio B T c. Last week, JP Morgan Coverage initiated Overweight rating of coinbase stock and 60% above current price.
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