Crypto agnostic, Jamie Dimon, has reiterated his cynicism towards the nascent investment class and warns investors to “stay away from it.” However, the JP Morgan boss has no qualms about selling it to clients.
In what is a love-hate relationship with cryptocurrency, Dimon once again sounds the alarm about cryptocurrency. But based on his willingness to offer it to clients, it is clear that he believes that crypto will not go away.
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Beware of the Cryptocurrency Buyer
The head of JP Morgan has criticized Bitcoin in the recent past, calling the cryptocurrency a fraud and worse than tulip bulbs. He even went as far as vowing to any staff member who exchanged him.
His justification? Because it’s stupid and it’s against our rules.
That was four years ago. Now, the JP Morgan staff is openly active in the crypto space. For example, earlier this year, a report from JP Morgan analysts gave a price prediction of $146, 000 for Bitcoin.
More recently, the US investment bank also announced plans to offer an actively managed Bitcoin fund to wealthy clients. The move echoes the approach of many of the major US banks, who have also presented plans to enter the cryptocurrency markets, including Morgan Stanley and Goldman Sachs.
Industry analysts note that JP Morgan has been taking the biggest steps towards cryptocurrency of all US banks.
“JPMORGAN HAS BEEN MAKING SOME OF THE BIGGEST BREAKTHROUGHS, ADDING BITCOIN EXCHANGES COINBASE INC. AND GEMINI TRUST CO. AS BANK CLIENTS LAST YEAR.”
However, although he is no longer overtly hostile to cryptocurrencies, the head of JP Morgan still has his reservations. In congressional testimony before the U.S. House of Representatives Committee on Financial Services, Dimon advised people to stay away from these assets.
Despite his doubts, Dimon acknowledged that his personal views on the matter do not affect the services JP Morgan offers its clients. With a high demand from customers, he said that it is not his place to tell people how to spend their money.
“THIS GOES BACK TO HOW YOU HAVE TO RUN A BUSINESS. I DON’T SMOKE MARIJUANA, BUT IF YOU LEGALIZE IT NATIONALLY, I’M NOT GOING TO STOP OUR PEOPLE FROM SAVING IT. “
Dimon Demands Clarity in Crypto Universe
During the Investment Company Institute (ICI) annual meeting earlier this week, Dimon called on regulators to bring more oversight to the crypto industry. Furthermore, authorities continue to drag their feet when it comes to ruling space.
“THERE SHOULD BE A LEGAL, REGULATORY, TAX, RELATED FRAMEWORK, AML, AROUND CRYPTOCURRENCIES. NOW IT IS WORTH 2 TRILLION DOLLARS. WHEN ARE YOU GOING TO SAY, “MY GOD, THIS IS WORTH OUR ATTENTION”?
He urges regulators to act now before it gets too big and, as he believes, beyond the point where crypto criminals are ruining our lives. Even so, it is clear that Dimon knows that cryptocurrencies will not disappear. So why not join them, if you can’t beat them?
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