By Shelly Melancon (Switzerland)
Jamie Dimon, JP Morgan’s CEO, hasn’t stopped his negative bias about bitcoin and has advised everyone who cares to listen not to invest in it. His advice contradicts that of his firm, which is continuously more open to the digital asset world in recent times. However, he did admit that most of his top clients have expressed interest in the demand for crypto-related products in recent times.
Jamie Dimon: Dont Invest in Crypto
Jamie Dimon’s history with the crypto world, including bitcoin, is filled with controversy. When the leading digital currency experienced a sharp price rise four years, he called it a “fraud.” even though he apologized over his comments 12 months later, he is yet to change his opinion about the digital asset world. In an interview last year, Dimon said, bitcoin is “not my cup of tea.” In a more recent encounter with the united states financial services committee, Dimon was even harsher with his opinion about the crypto world. While giving his testimony before the House committee, the billionaire remarked that he often advised people to “stay away from it.”
Dimon also said that digital currencies are incomparable to gold or traditional fiat currencies and advised “caveat emptor.” however, he buttressed that his caveat emptor warning isn’t applicable to blockchain and stablecoins but other digital assets, especially bitcoin. Dimon then concluded by saying, “my opinion about something won’t matter much because I can’t tell people how they should spend their money.”
JP Morgan Still Wants to Invest in The Crypto Space
Despite their CEO’s personal opinions, JP Morgan is already talking about how they can invest in the crypto market after it has flourished in recent times. Dimon emphasized that continued interest from their traditional clients is the main reason why the bank is planning to offer an actively managed BTC fund. In addition, Dimon said, “most of our customers want us to help them sell or buy digital currencies. Hence, we have researched and are developing our options as of this moment.”
Apart from the largest U.S. Bank’s interest in the crypto asset world, other giant financial institutions in the industry are also developing similar interests. In February this year, BNY Mellon, the country’s oldest bank, launched a digital currency custodial services for its customers. A little while later, Goldman Sachs followed suit and went further than BNY Mellon to launch a bitcoin ETF. Morgan Stanley is also not left behind; it filed for exposure for almost half its coins to bitcoin.
Dimon Wants More Oversight
Earlier this week, during an annual meeting of the investment company institute, Dimon demanded that financial regulators must have more supervisory functions in the crypto market. He said that the authorities continue to procrastinate regarding the governance of the crypto world. “the crypto world requires a legal, regulatory, tax-related AML infrastructure. It’s currently a $2 trillion market. I keep wondering when they will say, ‘omg, we need to focus on this space.'” he urges authorities to become involved now before it becomes so big that crypto criminals will be the ones running our universe. Dimon is convinced that crypto has come to stay. Since he can’t beat them, why isn’t he ready to join them?
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