The Charmain and CEO of JPMorgan Chase, Jamie Dimon, has conceded in an interview that the price of bitcoin may go up 10x over the next five years, but noted he personally doesn’t care about the flagship cryptocurrency or its performance.
During the interview with the Times of India, Dimon noted that he thinks people “waste too much time and breath on it,” before predicting the cryptocurrency will be regulated. Per his words, governments regulate “just about everything,” and although Dimon does not know if it will be regulated as a currency, security, or another type of asset, he predicted it will be regulated.
Regulations will, to some extent, constrain the cryptocurrency, he said. Dimon added he has “no idea” and personally doesn’t care. He added:
I am not a buyer of bitcoin. I think if you borrow money to buy bitcoin, you’re a fool. That does not mean it can’t go 10 times in price in the next five years. But I don’t care about that.
Dimon is a well-known bitcoin critic that, in 2017, called the cryptocurrency a fraud that could be used by criminals to evade authorities. In 2018, after significant backlash from his words about the cryptocurrency, Dimon noted he “probably shouldn’t say any more about cryptocurrency.”
Nevertheless, Dimon kept on commenting on the cryptocurrency’s rise when asked about it, and predicted late last year that if bitcoin’s price were to go much higher, it would be regulated. In May of this year, he advised people to “stay away from crypto.”
During his interview with the Times of India, Dimon noted he thinks people who borrow money to invest in bitcoin are fools, but added “speculations happens in every market around the world, including in communist countries,” after referring to the Tulip and dot-com bubbles as examples.
The CEO added he doesn’t know “ why there is a surprise with a lot of speculation, particularly when there’s as much liquidity in the system.” It’s worth noting JPMorgan itself has been eyeing cryptocurrencies, purchasing a 10% stake in MicroStrategy earlier this year. MicroStrategy holds over 114,000 BTC worth over $4.7 billion.
Moreover, the company has posted multiple job offerings for blockchain developers, engineers, and marketers for its cryptocurrency-centric division Onyx.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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