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JPMorgan CEO Remains Bitcoin Bear, Says that He Is ‘Not a Bitcoin Supporter’

UTC by Ibukun Ogundare · 3 min read
JPMorgan CEO Remains Bitcoin Bear, Says that He Is ‘Not a Bitcoin Supporter’
Photo: FORTUNE Global Forum / Flickr

Although the CEO has always been a Bitcoin bear, other executives at JPMorgan are open-minded to crypto.

The chairman and CEO of investment banking company JPMorgan Chase & Co (NYSE: JPM) Jamie Dimon said in a recent interview that he is not a Bitcoin supporter. The CEO’s declaration on Bitcoin came after several reports that JPMorgan would be rolling out a Bitcoin Fund for clients.

While speaking during The Wall Street Journal CEO Council Summit, held on the 4th of May, the JPMorgan chairman said:

“I don’t care about bitcoin. I have no interest in it… Blockchain is real. We use it. But people have to remember that a currency is supported by the taxing authority of a country, the rule of law, a central bank.”

Speaking further, Dimon mentioned that JPMorgan’s clients are, however, interested in Bitcoin.

Last week, there were reports that JPMorgan was about to become the first and largest bank in the US to offer Bitcoin Fund service to its customers. With the launch of the Bitcoin Fund, JPMorgan’s clients will begin to invest in the digital asset.

The matter was confirmed by two sources who told CoinDesk that JPMorgan could roll out the Bitcoin Funds next summer. One of the sources said that the Fund would be available only to the wealthy private clients at JPMorgan. Also, it was revealed that New York Digital Investment Group LLC (NYDIG) would serve as the custody provider of the Bitcoin Fund.

Despite Dimon’s bearish position on Bitcoin, the CEO noted that he is not against clients’ interest in BTC. He added:

“I don’t tell clients what to do.”

JPMorgan CEO Has Been Always Bearish on Bitcoin

During the Delivering Alpha conference by CNBC and Institutional Investor in 2017, Dimon referred to Bitcoin as “a fraud.” He added that Bitcoin is not a real thing, and it will eventually close and not end well.

Although the CEO has always been a Bitcoin bear, other executives at JPMorgan are open-minded to crypto. Before news on JPMorgan’s Bitcoin Fund came to light, the company’s co-president Daniel Pinto had said that the clients’ demand for digital assets may influence the investment company’s decision on Bitcoin.

“If over time as asset class develops that is going to be used by different asset managers and investors, we will have to be involved. The demand isn’t there yet, but I’m sure it will be at some point,” said Pinto.

JPMorgan stock is currently trading at $155.58, a 0.15% jump over its previous close of $155.48. JPM stock has only recorded profits in the last 12 months. The company’s stock has increased 72.24% over the past year and jumped further by over 22% in its year-to-date record. Additionally, JPMorgan stock has gained 15.05% in the last three months and 0.35% over the past month. In the last five days, the investment company has advanced 2.13%.

Bitcoin News, Cryptocurrency news, Market News, News, Stocks
Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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