JPMorgan CEO warns people to stay away from cryptocurrency

In his congressional testimony before the House of Financial Services Committee regarding cryptocurrencies, JPMorgan Chase Chief Executive Officer Jamie Dimon hurled some unfavorable statements about the asset class.

While he admits their clients are interested in investing in bitcoin, Dimon said his personal advice is to stay away from it. However, he clarified his statement does not mean clients don’t want it and it speaks more of how to run a business.

He also shared they are debating on whether they should make it “available in some way, in a safe way, that people can buy and sell it.” But once again, the executive sticks to his ideals, saying bitcoin is nothing like a fiat currency and it is nothing like gold, cautioning buyers, “beware.”

Some points of clarification

Before getting misunderstood, the big boss of the largest bank in U.S. clarified his statements only pertain to cryptocurrencies and not on blockchains or stablecoins which are supported by assets.

Dimon also emphasized that his personal take does not influence the array of financial services that his financial institution offers to its clients. He also shared that at JPMorgan Chase’s annual shareholder meeting last week, a lot of clients were asking if they can help them buy or sell cryptocurrency.

As his final point of clarification, the top honcho adamantly stated he doesn’t tell people how they should spend their money regardless of how he personally feels about something.

Reiterating his views

To further reiterate his opinion about cryptocurrencies being emerging issues that need to be dealt with quickly, Dimon said the crypto asset class “could benefit from more regulation.”

He talked about the need to put a regulatory framework around digital currencies so that they can be safer, inviting more investors to pour money on them.


Image courtesy of Cointelegraph News/YouTube

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