Tuesday, May 21, 2024

JPMorgan CEO: ‘Stay Away From Cryptocurrency’

JPMorgan’s CEO isn’t likely to win friends in the crypto market, slamming it as not ‘having much value.’

Traditional financial institutions are still trying to figure out cryptocurrency. Some, such as Visa, have begun accepting crypto. Others are still trying to figure out the best way to support it.

JPMorgan’s CEO, Jamie Dimon, is cautioning investors not to invest in crypto. In a congressional hearing, Dimon didn’t mince any words regarding his thoughts on crypto.

“Put aside blockchain and put aside stable coins, which is support by assets. Something that is not supported by anything, I do not believe has much value,” the JPMorgan CEO said.

“My own personal advice to people is stay away from it,” Dimon continued. “That does not mean the clients don’t want it – this goes back to how you have to run a business. I don’t smoke marijuana, but if you make it nationally legal, I’m not gonna stop our people from banking it, etc. I don’t tell people how to spend their money, regardless of how I might personally feel about some of the items that people might buy with their money.”

Dimon then said JPMorgan is debating the best way to safely integrate crypto, but ultimately believes unsupported cryptos are dangerous.

“We’re debating should we make it available in some way, in a safe way that people can buy and sell it and put it in their statement systems,” Dimon added.

“My one personal view: It’s nothing like a fiat currency, it’s nothing like gold. Buyer beware.”

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