Jamie Dimon, Warren Buffett Tell Investors to “Just Beware” of Bitcoin

Francisco Memoria
  • JP Morgan's Jamie Dimon and Berkshire Hathaway's Warren Buffett are known bitcoin bears.
  • During a joint interview, they recently told investors to "just beware" of the cryptocurrency.

JP Morgan’s chief executive Jamie Dimon and billionaire investor Warren Buffett are two well-known bitcoin bears who, on numerous occasions, slammed the flagship cryptocurrency. During a joint interview on CNBC’s “Squawk Box,” the critics told investors to “just beware.”

In the joint interview, CNBC’s host asked the two Wall Street giants which one of them hated bitcoin more. Buffett, the CEO of Berkshire Hathaway, was the first one to answer, saying:

“I set a high standard. I don’t know whether Jamie can top me or not.”

Warren Buffett

Warren Buffett seemingly criticizes the flagship cryptocurrency whenever he can. In the past, he’s called it a “mirage,” and argued that buying it isn’t investing. Moreover, the billionaire investor stated cryptocurrencies will come to a “bad ending,” and that bitcoin itself is a “real bubble.”

Last month, during Berkshire Hathaway’s annual shareholder meeting, Buffett and the company’s vice chairman Charlie Munger slammed bitcoin. While the chief executive compared the cryptocurrency to “rat poison squared,” the vice chairman compared it to “turds,” and “dementia.”

JP Morgan CEO Jamie Dimon replied to CNBC’s question right after Warren Buffett, stating:

“I don’t want to be a Bitcoin spokesman, you know. Just beware.”

Jamie Dimon

Dimon was notably one of bitcoin’s biggest critics. In 2015 he called the cryptocurrency a “waste of time,” while last year he labeled it a “fraud.” While facing backlash, he revealed he regretted his comments on bitcoin, and as its price grew claimed he no longer wanted to talk about it.

At the time, the Wall Street personality even claimed he would “fire in a second” any JP Morgan trader found to be engaging in cryptocurrencies, as it was both against the financial institution’s rules, and was “stupid.”

As CryptoGlobe covered, last month a former executive director at JP Morgan said that major banks are going to enter the crypto space “sooner than people probably think.” The financial institution, in late 2017, labeled cryptocurrencies a threat to its business model in an annual reported filed with the SEC.