JPMorgan’s CEO says the price of Bitcoin could go up 10 times but it is still not being bought

In an online interview with the Times of India, the CEO of investment banking giant JPMorgan disparaged the popularity of Bitcoin, despite claiming that the leading digital asset could grow 10 times in 5 years.

A historically staunch critic of Bitcoin (BTC), Dimon labeled Bitcoin a fraud in 2017, citing criminals’ ability to evade authorities by conducting their financial transactions in Bitcoin (BTC) instead of US dollars.

When the Times of India asked the CEO whether Bitcoin or other crypto assets should be banned or regulated, Dimon replied:

“I’m not really interested in Bitcoin. I think people wasted too much time breathing on it. But it will be regulated … and that will limit it to some extent. But whether it will be removed or not, I have no opinion on that and personally I don’t care. I am not a bitcoin buyer. That is not to say that the price cannot increase tenfold in the next five years. “

Even so, JPMorgan has shown growing interest in developing and implementing cryptocurrency and blockchain initiatives over the past year.

In January the company bought a 10% stake in the super bullish business intelligence firm Microstrategy, the CEO of Michael Saylor is one of the most famous Bitcoin investors and owners.

In July, the company created multiple positions worldwide for blockchain developers, engineers, and marketers to work on the crypto-focused Onyx division – responsible for launching the bank’s JPM Coin asset in October 2020.

A JPMorgan subsidiary, Counterpoint Global, is considering crypto investments for a group of wealthy clients, according to a recent report. With assets under management of up to $ 150 billion, this would be a formidable seal of approval for the rest of the banking industry.

Related: JPMorgan will allegedly give high net worth individuals access to crypto funds

Dimon has received notable criticism for his negative views on digital assets, and no less from Wall Street veteran Max Keilser in an interview with Cointelegraph in late 2020. Keilser shared a biological analogy to express his displeasure with the bank tycoon:

“Bitcoin was born as a self-evolving form of life from our collective, global consciousness as a defense mechanism against predatory central banks. Jamie Dimon is a parasite, like a tapeworm, and our species has no defenses. So, with God’s help, we share the will of Bitcoin to survive against fiat money, fractional reserve banks and Keynesian debt propaganda. “