In an online interview with the Times of India, Jamie Dimon, CEO of investment banking giant JPMorgan Chase, criticized Bitcoin’s popularity. But he also stated that the leading digital asset could grow 10x in five years.
Dimon has always been skeptical about Bitcoin (BTC), calling it a scam in 2017. He pointed out that criminals evade the authorities by processing their financial transactions in BTC rather than US dollars.
Times of India asked the CEO whether Bitcoin or other cryptocurrencies should be banned or regulated. Dimon replied:
“I don’t really care about Bitcoin. I think people waste too much time on it. But it’s regulated. […] And that will limit him to some extent. But I don’t know whether this will make him disappear, and personally I don’t care. I don’t buy bitcoins. But that doesn’t mean that the rate cannot increase tenfold over the next five years. “
Even so, JPMorgan has shown increasing interest in developing and implementing crypto and blockchain initiatives over the past year.
In January, the company bought a 10 percent stake in what is known as the very best business intelligence firm, MicroStrategy. Its CEO Michael Saylor is one of the most famous Bitcoin investors and owners.
In July 2020, the company posted several blockchain developer, engineer and marketer positions around the world for its cryptocentric division called Onyx, which is working on the launch of the bank’s stablecoin, JPM Coin.
According to a recent report, JPMorgan subsidiary Counterpoint Global is considering offering cryptocurrency investments to wealthy customers. With the subsidiary under management of over $ 150 billion in assets, that would send an important signal to the rest of the banking sector.
In this context: JPMorgan plans to offer crypto funds to private customers
Dimon has been heavily criticized for his disapproval of digital assets. Among the critics was Wall Street veteran Max Keizer, who commented on this in an interview with Cointelegraph in late 2020. Keizer used an analogy from biology to make it clear what bothers him about Dimon’s attitude:
“Bitcoin is a spontaneous form of life that emerged as a defense mechanism from our global, collective consciousness against predatory central banks. Jamie Dimon is a parasite, like a tapeworm, and our species could not fight back. So, with God’s help, we collectively created Bitcoin to combat fiat money, reserve banking and Keynesian debt money propaganda. “