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.

Yelp Is Letting Users Filter Searches to Find Businesses That Accept Cryptocurrencies

This week, Reddit user awsmbomb found out that Yelp now lets users filter businesses based on whether they accept cryptocurrency as payment.

However, the Redditor noted that, at present, the functionality of the new feature is limited to the iOS application for US-based consumers. Follow-up posts from awsmbomb confirmed that filtering for companies that support crypto payments is not currently available for desktop users.

Crypto Filter's Limited Availability

UK-based users accessing the Yelp platform via smartphones and those who using its Android app  are also unable to use Yelp's 'crypto filter'.

Although the recently introduced cryptocurrency filtering feature has its limitations, Yelp has a large user base as it reportedly attracts around 33 million unique monthly visitors to its platform. Notably, over 80% of the searches performed by users are made using smartphones.

In addition to apps like Yelp allowing users to filter searches based on whether certain businesses accept cryptos, the UK's biggest travel company, Corporate Traveller, has recently started accepting bitcoin and bitcoin cash payments.The move was seen by some as a potential initial stepfor the Flight Centre Group, one of the world's largest travel firms, to accept cryptocurrency payments.

Bitcoin-Related Searches Tripled

As CryptoGlobe reported earlier this month, Google searches for Bitcoin have tripled due to the recent surge in cryptocurrency prices. Earlier this month data from Google revealed that search interest related to BTC went from approximately 33 to 100 (out of 100) almost right after cryptocurrency prices rose.

However, Google’s data also showed that search interest related to bitcoin soon fell to around the 50 to 75 range. Despite the drop, overall search interest in the world’s most dominant cryptocurrency has shown significant improvements as it is well over the 25 level it had been averaging during the extended crypto bear market.

Data from Google also revealed that the countries with the most interest in Bitcoin were Nigeria, South Africa, the Netherlands, Austria, and Switzerland.