Jamie Damon, chief executive of JPMorgan, one of the world’s largest financial institutions, has reiterated his position on bitcoin and cryptocurrency. Damon said anyone who borrowed money to buy Bitcoin was, in his view, “stupid.” However, his personal opinion does not conflict with the fact that JPMorgan is now providing access to six cryptocurrency funds for its customers and has even created its own digital laser token for payment called JPM Coin.
Jamie Damon has exploded the cryptocurrency
Jamie Damon, CEO of JPMorgan, has again blasted crypto and bitcoin. The JPMorgan executive argued in an interview with the Times of India last week about the true value of cryptocurrency and its position on the cryptocurrency world. Dimon said the latest bull market for cryptocurrencies was created by the abundance of liquidity in the system, which then led to speculation. Daemon announces:
I am not a Bitcoin buyer. I think if you borrow money to buy bitcoin, you are a fool.
However, Daemon also acknowledged that the cryptocurrency sector could increase its value tenfold in the coming years.
Regulations and JPMorgan offers
Daemon was asked how he believed the rules would affect cryptocurrency in the future. Although he stressed that Bitcoin is not his core interest, Dimon said he believes governments will control Bitcoin at some point. He explained:
It’s going to be controlled. The government controls everything. 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. I don’t know if it’s securities law. But they are going to do it.
However, Daemon’s personal views on the legitimacy of the cryptocurrency and the impending control of the cryptocurrency market did not affect JP Morgan’s business in crypto. In fact, the company is now more open to cryptocurrencies than it was two or three years ago. In August, the company said it would allow its customers to access six cryptocurrency-based investment funds (Grayscale’s Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic Trust and Osprey Bitcoin Trust).
Also, the company has sunk toes in the case of digital currency. In October 2020, JPMorgan announced the creation of “JPM Coin”, a network that would allow its customers to make instant payments using blockchain technology.
What do you think of Jamie Damon’s comments about Bitcoin? Tell us in the comments section below.
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