Market

JPMorgan CEO Jamie Dimon Warns Against Investing in Cryptocurrency

JPMorgan CEO Jamie Dimon has issued a warning to investors about investing in bitcoin. “Cryptocurrency has no intrinsic value. You are basically buying a token,” he said. “I would be very careful.”

Source: CNN Business News

Jamie Dimon, CEO of JPMorgan Chase & Co, discussed the U.S. economy, inflation, China, and cryptocurrencies in an interview with CBS Boston released Wednesday.

He was questioned if young people should invest in cryptocurrency in light of recent ads urging investors to invest in cryptocurrencies, such as one featuring Tom Brady and his wife Gisele Bundchen.

Dimon said, “I’m a skeptic.” “I mean, blockchain is real if we use it for certain things.” Parts  of defi (decentralized finance) are real.” However, JPMorgan’s CEO emphasized:

Cryptocurrency has no intrinsic value. You are basically buying a token. Why it has a lot of that I don’t know, and I think there’s so much speculation taking place in stocks and securities and crypto and stuff like that. I would be very careful.

Nonetheless, Dimon stated, “I defend the freedom of people to do it in a free nation.” I’m not going to go through with it.”

Reuters also published Dimon’s comments on bitcoin on Tuesday. “It is not truly a money… “It’s hysteria,” JPMorgan CEO Jamie Dimon was reported as saying.

Dimon has long been skeptical about bitcoin. In October, he declared bitcoin to be “worthless,” calling the cryptocurrency’s finite quantity into question. In addition, he stated that regulators will “regulate the hell out of it.” In May, he recommended consumers to avoid cryptocurrencies.

However, JPMorgan CEO Jamie Dimon stated that his clients are intrigued in this asset class, and the bank is already providing crypto investments to clients.

The firm’s experts even increased their long-term projection for bitcoin’s price to $146,000. They expect a “bullish outlook” for bitcoin as inflation fears drive up the price of BTC.

Patrick

Coincu News

Victor

Recent Posts

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

1 hour ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

1 hour ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

2 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

3 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

3 hours ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

4 hours ago

This website uses cookies.