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.

Is Twitter CEO Jack Dorsey Buying $10,000 Worth of BTC per Week?

Colin Muller
  • Twitter and Cash App CEO Jack Dorsey bought $10,000 of Bitcoin last week
  • Dorsey wants to take an active role in Bitcoin's success

CEO and co-founder of Twitter, and CEO and founder of Square Jack Dorsey seems to be buying a lot of Bitcoin, mentioning offhand that he had reached his weekly Bitcoin buying limit of $10,000 on his own Cash App platform (developed by Square).

This juicy tidbit came during a recent interview on the Tales From the Crypt crypto podcast. Marty Bent, the show’s host, was talking to Dorsey about the Twitter-based #stackingsats Bitcoin-buying campaign (ca. 8 minutes), to which Dorsey replied:

I saw that on Twitter, all the screenshots, I thought that was awesome. I would have participated, but I already exceeded my [Bitcoin buying] limit on Cash App. So, I couldn’t purchase any more [Bitcoin].

Twitter, Square CEO Jack Dorsey

Bent said that “There’s always tomorrow,” to which Dorsey responded “Tomorrow I probably can, I think we have a limit that rotates every week or so.”

As reported, when support for buying and selling cryptoassets launched on Cash App about a year ago, the weekly limit for Bitcoin buying is indeed $10,000.

Of course, it is possible that Dorsey decided to buy the maximum amount of Bitcoin only on that particular week - or some other byzantine explanation. Because Bent and Dorsey (cagily) did not elaborate, the reader must decide how likely this possibility is.

Crypto Superfan

What is beyond speculation, however, is Dorsey’s rapidly rising stature in the cryptocurrency community and industry.

The CEO first divulged his affinity for Bitcoin and crypto last month, during an interview with the Joe Rogan on his Joe Rogan Experience YouTube show. (Dorsey just happens to be back on the Joe Rogan Experience today, 6 Mar., in response to the criticism he received for his first visit, accused of facing soft-ball questions from Rogan)

Imagine being born this year, only knowing that the potential for a global currency [e.g., Bitcoin] exists. That - is exciting [...] You kind of see this with the adoption of any critical technology [e.g.] You see children today going up to any screen and having an expectation that they can slide it, and touch it, and zoom, and use their fingers. And it just speaks to the impact that the iPhone and the iPad had in changing the expectation [...] the same will be true for Bitcoin and blockchain and digital currency.

Twitter, Square CEO Jack Dorsey

He has stated that he thinks Bitcoin is the “native currency of the internet,” adding during his interview with Bent that “[he] can’t think of anything more exciting than [having a native internet currency].” Dorsey sees himself as taking an active role in the success of Bitcoin. He added during the interview that: “I don’t want to wait around [...] for that to happen, to me, or to us as a company - I want to help make it happen.”

Earlier this year, he backed a Lightning Network trust chain that saw users pass an increasing amount of satoshis between each other, and has shown off he's setting up his own Bitcoin Lightning Network node.

(Featured image from interview at Youtube.com)