For the CEO of world’s renowned financial institution, JPMorgan, Bitcoin is a fool’s gold because only a fool would risk his investment by putting it in Bitcoin. However, the bank of whom he is CEO is currently in the process of making several cryptocurrencies accessible to bank’s customers.
JPMorgan Chase is amongst the four major banks of the US and Jamie Dimon is bank’s Chairman as well as CEO. It is known by all that Dimon does not have any craving for digital assets. In fact he criticizes them whenever he finds an opportunity. But, being an influential businessman, his opinion matters even if it hurts sentiments of others, especially Bitcoiners.
Once again he has been seen taking on Bitcoin and divorcing it completely from the financial sector. He was interviewed recently by an Indian media house namely “Times of India”. During the interview, he took the liberty of discussing virtual assets, including Bitcoin. He specifically discussed how Bitcoin’s value is driven in different circumstances.
First of all, Dimon commented that the so-called Bitcoin boom was set to motion because of too much liquidity coming in. However, nobody realizes that when there is huge influx of liquidity then there is going to be conjectures and surmises. He opined that he is not a Bitcoin lover and therefore a non-investor. But there is no shortage of fools who obtain finances from the banks and then invest the same into Bitcoin.
However, he did not deny the possibility that in the next decade, Bitcoin could acquire tenfold increase in its value.
The Times of Indian then posed him a question about the possibility of crypto regulation and its impacts. He immediately responded that in his personal opinion crypto regulation is must without a doubt. In fact, the crypto space requires strict supervision because there has been massive misuse of which everyone is aware. But if regulations are put in place, then of course it will change the overall scenario. He disregarded Bitcoin by suggesting that it does not even attract his attention. However, when the regulation will come, which indeed will come, then Bitcoin will lose most of its charm, claimed Dimon.
Dimon then explained that everything in the market is subject to regulation. There shouldn’t be an exception for any particular thing, even in dire circumstances.
The interviewer then commented that it is quite obvious that Dimon is not interested in crypto then how come JPMorgan became interested. Dimon then responded that banks are everywhere in the world. They are there for more than five hundred years and doing just one thing i.e. facilitating customers. Banks are inclined to do what is demanded by its customers and JPMorgan is no different. So for the sake of its customers JPMorgan has been providing limited access to virtual assets.