JPMorgan CEO Says Stay Away from Bitcoin

JPMorgan CEO Jamie Dimon says his views on Bitcoin haven’t changed much.

When asked by Republican Congressman Warren Davidson about how his views on Bitcoin have changed during a May 27 House Financial Services Committee hearing, JPMorgan CEO Jamie Dimon said that they, in fact, hadn’t changed much:

My own personal advice to people is stay away from it. 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 going to stop our people from banking it. I don’t tell people how to spend their money.”

Dimon—who called Bitcoin “a fraud” in 2017—adds that crypto is nothing like fiat currencies or gold:

My own personal view is it’s nothing like a fiat currency, it’s nothing like gold. Buyer beware.

However, he seems to hold a favorable view of fiat-backed stablecoins and blockchain in general.

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