- The chief executive officer of JPMorgan, Jamie Dimon, has criticized Bitcoin. The executive has referred Bitcoin as “dirty” and “expensive” at the Institute of International Finance meeting in Washington on October 13.
The high ranked officer revealed that he will never ever purchase cryptocurrencies after continuously slamming them in the past. Dimon is influenced by the fact that crypto, in reality, doesn’t do anything. “I really do not know why there is importance to that,” he said.
The chief executive officer has been slamming Bitcoin for years. He has also referred Bitcoin as “worthless” in October 2021.
He went on to ask about the crypto’s lack and directed that its hard capitalization of 21 million coins can be altered: I will only give a dare to the group to another thing: how do you know it finishes at 21 million? Do you all go through the algorithms? Do you all trust that? I am not sure, but I have often been a questioner of stuff like that.
When Dimon was questioned that why he permits JPMorgan’s customers to utilize Bitcoin. The executive related investing in the bar crypto to trading cigarettes: I think you must not smoke cigarettes either, but our clients are adults.
In August 2021, the largest U.S. bank introduced an in-house Bitcoin fund for heavy-pursed clients. In September 2017, Dimon claimed that he would sue any trader who will touch the flagship cryptocurrency. He also trusts that only fools will borrow money for investing in crypto:
“I think if you borrow money to purchase Bitcoin, you are a fool then. That doesn’t mean it can not go 10x in price in the coming five years.
The CEO still bullish on blockchain
Apart from all this, Dimon is still confident about the blockchain. The prominent banker trusts that technology can “disintermediate” some parts of banking.
Talking about the U.S. economy, Dimon has shown his doubt concerning the U.S. Federal Reserve’s capability to achieve a much-desired soft landing. Meanwhile, Dimon claims that he has “total trust and confidence” in Fed Chair Jerome Powell, explaining him as an “exceptionally high caliber person.” The banker forecasts that the bar interest rate will go over 4.5% because of hotter than anticipated inflation.
The high-ranked executive forecasts that the equities market of the United States can lose the other 30% in the period of ongoing correction.
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