JPMorgan Chase CEO Still Thinks Bitcoin is Worthless —But His Clients Disagree

Bitcoin’s impressive performance has shut the mouths of several skeptics who have had to acknowledge that – at least since the last few years – there is some merit in investing in this cryptocurrency. Jamie Dimon, CEO of JPMorgan Chase, is NOT in this group.

The well-known businessman has again doubled down on his views on Bitcoin, asserting that from his perspective, the asset lacks any intrinsic value, and he does not advise taking it as a serious investment.

The CEO of JPMorgan Hates Bitcoin But Loves His Pro-Bitcoin Clients

However, Dimon acknowledged that his opinion is not the most popular one today.

“I personally think that bitcoin is worthless. (However) our clients are adults (and) they disagree. That’s what makes markets.”

The CEO of JPMorgan knows how to separate sentiment from business and assured that he now has no problem offering investment options to his Bitcoin-hungry clients given their high interest in being exposed to cryptocurrencies:

“If they want to have access to buy yourself bitcoin, we can’t custody it, but we could give them legitimate, as clean as possible, access.”

This small opening is already a significant shift in Jamie Dimon’s attitude. In 2017, the JPMorgan Chase CEO claimed he didn’t want any of his employees to trade Bitcoin, asserting that BTC was a fraud “worse than tulip bulbs.”

“I’d fire them in a second. For two reasons: It’s against our rules, and they’re stupid. And both are dangerous.”

JamieDimonJamie Dimon. Source: CNBC

The Community Reacts

Of course, the crypto community was quick to react. Generally, as is often the case when some skeptic issues an opinion, die-hard Bitcoiners point out that BTC’s appreciation over time has outlasted the most pessimistic predictions.

 TwitterTweet by Ryan Selkis comparing the performance of BTC vs. Jamie Dimon’s statements. Image: Twitter

In fact, a compilation posted by the website 99 Bitcoins notes that at least 431 high-level predictions have been issued, assuring that Bitcoin was doomed, with the earliest one registered on December 15, 2010, and the most recent ones on September 28, 2021. Bitcoin is currently just a few thousand dollars away from reaching a new ATH, proving that (at least for now) the Bitcoin pessimists have been wrong.

Another one who ranted on Twitter was Michael Saylor, CEO of MicroStrategy, a software firm with a large investment in BTC. Saylor noted that probably the reason why Dimon and other bankers are so frustrated about the historical rise of Bitcoin is because of their lack of understanding of how it works and what does it do.

And the Twitter username PlanB, known for their Stock-to-Flow model, shared a meme about how Dimon’s bearish words tend to circulate before a bull run.

meme about Jamie Dimon saying that Bitcoin is a fraud and then asking what its price was

In the meantime, Bitcoin remains steady at around $57.000. It is not yet dead.

Publication date: 
10/12/2021 - 02:25
Author: 
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.