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JPMorgan CEO against Bitcoin: doubts and fears about crypto

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Checkmate to the queen. Jamie Dimon never misses opportunities to analyze the development of the cryptocurrency market and those bitcoins that represent cross and delights for all fans of the sector.

Bitcoin, the cryptocurrency of the new millennium (Adobe Stock)
Bitcoin, the cryptocurrency of the new millennium (Adobe Stock)

There are those who incense them, like a large part of the United States, in this regard the Mayor of Miami will allow citizens to pay their taxes with Bitcoin, the queen of crypto. In China it is taboo, a threat to be countered. In every way.

The CEO of JPMorgan it still lashes out on digital currencies, expressing doubts and fears about the cryptocurrency par excellence, to that digital representation of value based on cryptography, an equal and decentralized digital resource.

Cash is better than cryptocurrencies: a hedge against inflation

Bitcoin (Adobe Stock)
Bitcoin (Adobe Stock)

I don’t care much for Bitcoin. I think people waste too much time and breath on it. But it will be regulated. And this will limit it to some extent. But if he gets rid of it, I have no idea and personally I don’t care. I am not a bitcoin buyer. That doesn’t mean it can’t go up 10x in price over the next five years“.

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Dimon was talking about Bitcoin as early as 2017, when in full BTC bubble, he called it a scam and threatened to fire bank employees caught trading crypto. Just a few months later, on reflection, the CEO of JPMorgan, a US multinational financial services company headquartered in New York, one of the banks Big Four Americans together with Bank of America, Citigroup And Wells Fargo, considered the largest bank in the world with a market capitalization of over $ 420 billion, began to smooth the corners, sweeten the pill and define its disinterest in the asset.

Also last May Dimon he continued straight on his way: he confirmed his willingness not to invest personally in BTC, adding that he was forced to offer products linked to BTC because his customers liked them. The number one of the multinational born on the ashes of Chase Manhattan Corporation merged with JP Morgan & CoFor twenty years now, he has not changed his mind despite the fact that bitcoins are literally flying on the stock market: having broken through the wall of 40 thousand dollars, they have settled, despite some excess volatility, around 42,000 dollars. “And they could reach 420,000 in five years“. Despite this estimate, Dimon does not invest. Because?

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According to his words, the choice not to bet on bitcoins would be the preference for cash, considered a protection from inflation. That could lead the FED to inevitably raise interest rates. In JPMorgan’s financial statements, Dimon they said they had $ 500 billion in cash and would insist on accumulating more so they would be ready and prepared for the higher rates due to inflation. The old and healthy coinage, tangible, still has its charm. At least for Dimon.

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