JPMorgan CEO says Bitcoin price could rise 10x but still won’t buy it

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In a web based interview with Occasions of India, Jamie Dimon, CEO of funding banking behemoth JPMorgan Chase, slandered Bitcoin’s in style attraction, regardless of stating that the main digital asset may improve 10x in a matter of 5 years. 

A traditionally staunch critic of Bitcoin (BTC), Dimon called it a fraud back in 2017 and cited the reported functionality for criminals to evade seize from authorities by working their monetary transactions in BTC somewhat than U.S. {dollars}.

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When Occasions of India requested the CEO whether or not Bitcoin or different cryptocurrency belongings needs to be banned or regulated, Dimon responded:

“I don’t actually care about Bitcoin. I feel folks waste an excessive amount of time and breath on it. However it will be regulated. […] And that can constrain it to some extent. However whether or not it eliminates it, I don’t know and I don’t personally care. I’m not a purchaser of Bitcoin. That doesn’t imply it could actually’t go 10 instances in worth within the subsequent 5 years.”

Regardless of this, JPMorgan has over the previous yr expressed a rising curiosity within the improvement and implementation of crypto and blockchain initiatives.

In January, the firm purchased a 10% stake in ultra-bullish enterprise intelligence agency MicroStrategy, whose CEO, Michael Saylor, is one in all Bitcoin’s most famous traders and holders.

In July, the agency created multiple worldwide job postings for blockchain builders, engineers and entrepreneurs to work for its crypto-centric Onyx division — chargeable for launching the financial institution’s stablecoin asset, JPM Coin, in Octo 2020.

Based on a current report, JPMorgan subsidiary Counterpoint World is contemplating providing cryptocurrency investments to rich clientele. With belongings beneath administration topping $150 billion, this may symbolize a large stamp of approval for the remainder of the banking business. 

Associated: JPMorgan will reportedly give retail wealth clients access to crypto funds

Dimon has acquired notable criticism for his dismissive views on digital belongings, and no extra so than from Wall Avenue veteran Max Keiser in an interview with Cointelegraph in late 2020. Keiser shared a organic analogy to precise his discontent with the banking magnate:

“Bitcoin got here into existence as a spontaneous life kind that grew out of our world, collective consciousness as a protection mechanism to combat predatory central banks. Jamie Dimon is a parasite, like a tapeworm, and our species had no protection. So with God’s assist, we collectively willed Bitcoin into existence to combat fiat cash, fractional reserve banking and Keynesian debt-money propaganda.”