Popular Bitcoin critic and CEO of JPMorgan, Jamie Dimon, has opined that the price of the flagship currency could hit 10x in the future but doesn’t have any intentions of investing in the cryptocurrency. Dimon, who made the revelation in an interview with the Times of India, further said he doesn’t “really care about bitcoin.” Therefore, eliminating the idea that he would buy it.
Dimon is a Renowned Crypto Critic
Dimon has always shown his dislike for cryptocurrencies, particularly Bitcoin. The billionaire executive has largely chosen to ignore the bullish run, the long track record of the popular crypto since its emergence, and even the demand from his clients. The CEO said in an interview with the Times of India that he doesn’t know if BTC is an asset, a foreign exchange, or even a currency. He further added, “I think if you borrow money to buy Bitcoin, you are a fool.”
Experts argue that sooner than later, Dimon will bow to the pressure of moving into the crypto market, considering that some funds from his bank are allocated to the market. However, Dimon’s dismissive comments are clear, that he isn’t interested in Bitcoin and its offerings.
He said he has learned to figure out what to do, what he wants, and how to be successful. The billionaire drew a comparison between Bitcoin and tulip mania. The CEO stated that the speculative nature of the crypto and tulip mania is similar. Same with internet stocks and beanie barbie frenzies.
The CEO Shares His Views on World’s Economy and Banking
Dimon was quick to share his take on the world’s economy amid the lockdowns. He argued that BTC is reaping the benefits from an asset bubble in the world’s economy. The spend at the moment is 20% more than what it was before the advent of the pandemic, suggesting that it’s more of the pump than prime.
Dimon also spoke about the traditional financial sector and the government’s involvement in it. He said that the government should accept the wrong decisions that they make and correct them. He used banking as an example, saying that if banks should start approving loans for political reasons, then it’s considered a bad loan.
Although Dimon refuses to accept the opportunities in the crypto industry, his fellow executives see the potential for investing in BTC and giving in to the demands of their clients. Last month, JPMorgan Chase collaborated with New York Digital Investment Group to provide passive Bitcoin funds for their clients.
In the same August, Wells Fargo and JPMorgan indicated interests in providing passive BTC Fund for their clients, despite Dimon’s attitude towards cryptocurrency.