Jamie Dimon: ‘If you borrow money to buy Bitcoin (BTC), you’re a fool'

Tue 28 Sep 2021 ▪ 16h53 ▪ 3 min read — by James Taylor

Jamie Dimon, CEO of one of the biggest financial institutions in the world, JPMorgan, has once again shared his opinion on Bitcoin (BTC). Dimon said that anyone who borrows money to buy Bitcoin is a ‘fool’. This, however, doesn’t prevent JPMorgan from offering access to six cryptocurrency funds for its clients and even creating its own JPM Coin.

Jamie Dimon Criticises Crypto

Over the past years, Dimon has provided a plethora of cryptocurrency publications with clickbait headlines. This week, JPMorgan’s CEO has found fault with BTC once again. Jamie Dimon talked about the real value of cryptocurrencies and his view of the crypto industry in an interview with The Times of India. He stated that crypto causes widespread speculation, but did acknowledge that the cryptocurrency sector may increase tenfold in the next years.

“I am not a buyer of Bitcoin. I think if you borrow money to buy Bitcoin, you’re a fool,” said the CEO.

According to Dimon, one of the state’s main functions is minting its own money. So, naturally, any government wants to control the national currency via the central bank. That’s why officials will never support BTC or any other cryptocurrency.

Regulation and JPMorgan Offerings

Dimon was also asked about how, in his opinion, regulation will affect cryptocurrency in the future. He replied that all governments will eventually regulate BTC, explaining that “governments regulate just about everything. I don’t know if it’s an asset. I don’t know if it’s foreign exchange. I don’t know if it’s a currency. I don’t know if it’s the securities law. But they’re going to do it.”

Despite Dimon’s statements, his company is moving into the blockchain. JPMorgan is more open to cryptocurrencies now than ever before. In August, JPMorgan announced that it will allow clients to access six crypto-based investment funds (Grayscale’s Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, Ethereum Classic Trust, as well as Osprey Bitcoin Trust). What this long list of business partners means is that JPMorgan’s clients won’t own cryptocurrency directly, but they’ll still be able to jump on the trend.

The company also intends to create its own JPM Coin. In 2020, the bank’s digital currency got its first user — an anonymous technology company. JPMorgan also plans on developing specialised payment channels for central banks interested in creating their own digital currencies.

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James Taylor avatar
James Taylor

Trends are temporary. The blockchain isn’t a trend; it’s the future. I want to help as many people as possible understand it in a simple, clear and interesting way.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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