In a new interview with Times of India, JPMorgan CEO Jamie Damon continued his history of criticism against Bitcoin, saying, “I think if you borrow money to buy Bitcoin, you’re a fool.”
The tycoon’s CEO holds a highly abusive position on Bitcoin since the asset first emerged, largely choosing to ignore stable operations, price increases, and a long track record of demand from its own customers.
Notably, in the interview, Demon declared, “I don’t really care about Bitcoin” and went on to describe how little he knew about it.
“I don’t know if it’s an asset. I don’t know if it’s foreign currency. I don’t know if it’s a coin, ”Daemon said. He further suggested that the controls would limit Bitcoin, but “I have no idea if it excludes it and I personally don’t care. I’m not a Bitcoin buyer.”
He continued, “That doesn’t mean it can’t go up 10 times the price in the next five years.”
There are signs that Daemon is having to soften its public stance on Bitcoin, especially as its bank-run funds begin to allocate capital to the market.
But it is clear from his many dismissive comments that Daemon is not personally interested in Bitcoin.
“I’ve learned a long time ago, figure out what you want, do what you want and succeed on your own,” Damon said. Dimon went to compare Bitcoin to a speculative Tulip Mania, a Bean Baby Frenzy and internet stock.
Dimon also commented on the economy in the wake of the global government lockdown, arguing that Bitcoin is benefiting from a larger asset bubble in the global economy: “This is another sign that the pump is prime. Expenditure is 20% higher today than in pre-Covid.”
The CEO of Billionaire also spoke candidly about the possibility of more government involvement in the banking industry and the sector. Like banking. If you start giving loans for political purposes, then they will be bad loans.
Nevertheless, executives at JPMorgan see some potential in Bitcoin as well as the growing demand from their clients. In August, JPMorgan Chase partnered with the New York Digital Investment Group, a bitcoin-centric institutional-grade platform to provide passively managed Bitcoin funds.
At the end of August, both Wells Fargo and JPMorgan applied for passive bitcoin funds for their wealthy clients, indicating that, despite Damon’s concerns, the banking sector is responding to growing demand for bitcoin.