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.

First Ever Bitcoin ATM to Open in Venezuela within 2 Weeks

  • There are currently 4,195 Bitcoin ATMs (BTM) installed worldwide in 76 different countries.
  • Local news sources reported that first ever BTM has arrived in Venezuela and will be launched in next 2 weeks.

Jorge Farias, the CEO of Cryptobuyer, a company that “helps people in countries with high levels of hyperinflation” by providing them with convenient access to crypto ATMs, has revealed that the first ever Bitcoin (BTC) ATM has arrived in Venezuela.

Farias, who is also the co-founder of PanaFintech, a Panama-based firm that offers educational courses on “financial innovation”, said during an interview with Union Radio: 

We are going to install the first cryptocurrency ATM in Venezuela over the course of the next two weeks.

Bitcoin ATM In Its "Final Test Stage"

Farias also mentioned that the Bitcoin ATM (BTM) had already been physically installed in Caracas, Venezuela’s capital city. He added that the installation process was “in its final test stage” and his firm, CryptoBuyer, would be announcing the official launch of the BTM on social media networks.

Cryptobuyer has previously set up five BTMs in Panama city and the company serves as a merchant acceptance platform for bitcoin, litecoin (LTC), and dash (DASH) payments. As CryptoGlobe reported in May 2018, there were 3,028 BTMs worldwide, according to Coin ATM Radar. This number has grown considerably as the BTM tracking website shows there are now 4,195 BTMs throughout the world.

These BTMs are located in 76 different countries and are managed by 526 organizations. Crypto analytics firm, Data Light reported in December 2018 that an average of 6 digital currency ATMs were installed per day in 2018.

Coinme, Coinstar Partner To Make Buying Bitcoin Easier

Data Light also found that nearly all the BTMs supported bitcoin (BTC) and over half of them support litecoin. Nearly 2,000 support Ethereum’s native token, ether (ETH) and many of the BTMs support bitcoin cash (BCH). Privacy-focused coins such as monero (XMR), dash, and zcash (ZEC) are supported by some BTMs as well.

As covered on CryptoGlobe, Coinme, a US-based licensed BTM operator, and Coinstar, a company that manages about 20,000 fully-automated self-service coin-counting kiosks worldwide, announced they would partner to allow users to buy BTC with fiat money (USD).

Bitcoin can be bought "at participating retailers that have Coinstar kiosks enabled for the Coinme product", Coinme’s website explains. However, only paper money (and not coins) can be used to purchase BTC from these kiosks. Currently, Coinstar operates hundreds of kiosks in eleven US states including Arizona, California, Colorado, Illinois, Indiana, Kansas, Louisiana, New Mexico, Texas, Utah, and Washington.