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Don't Borrow Money to Buy Bitcoin Says Banker

30 September 2021 11:49, Stanimir Petkov
Emission of: Tuida News 7 months ago, number of readings: 213
Bitcoin

JPMorgan’s CEO Jamie Dimon blasted crypto and bitcoin yet again. The JPMorgan executive argued about the real value of cryptocurrencies and his take on the cryptocurrency world in an interview. Dimon stated that the latest bull market in cryptocurrencies was created by a lot of liquidity in the system, which then leads to speculation. Dimon declared:

"I am not a buyer of bitcoin. I think if you borrow money to buy bitcoin, you’re a fool."

However, Dimon also acknowledged there is the possibility that the cryptocurrency sector could increase its value tenfold in the next years.

Dimon was also asked about how he believes regulations will affect cryptocurrencies in the future. While he stressed bitcoin was not its main interest, Dimon did state that he believes governments will regulate bitcoin at some point in time. He explained:

"Crypto-currencies is going to be regulated. 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."

However, the personal opinions of Dimon about the validity of cryptocurrency and the coming regulation of the cryptocurrency market have not affected JPMorgan’s business moves into crypto.

In fact, the company is now more open to cryptocurrencies than it was two or three years ago. In August, the firm informed they would allow its customers to access six cryptocurrency-based investment funds (Grayscale’s Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic Trust, and the Osprey Bitcoin Trust).

Also, the company has dipped its toes when it comes to digital currencies.

In October 2020, JPMorgan announced the creation of “JPM Coin,” a network that would allow its customers to make instantaneous payments using blockchain technology.

Source:
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