In a recent interview with the Times of India, JPMorgan CEO Jamie Dimon continued his criticism of Bitcoin, saying, “I think if you borrow money to buy Bitcoin you are a fool.”
The billionaire CEO has taken an extremely negative stance on Bitcoin since the asset’s emergence and has largely chosen to ignore the long track record of stable operations, price hikes and demand from his own customers.
Notably, in the interview, Dimon stated, “I don’t really care about Bitcoin,” and went on to describe how little he knows about it.
“I don’t know if it’s an asset. I don’t know if it’s foreign exchange. I don’t know if it’s a currency, ”said Dimon. He also suggested that regulation will restrict Bitcoin, but whether or not it removes it I have no idea and personally don’t care. I am not a buyer of Bitcoin. ”
He continued, “That doesn’t mean the price can’t go up ten times over the next five years.”
There are signs that Dimon may need to tone down his public stance on Bitcoin, especially as the funds his bank-operated funds begin to allocate capital to the market.
However, it is clear from his many negative comments that Dimon is not personally interested in Bitcoin.
“I learned a long time ago how to figure out what you want, do what you want, and be successful myself,” said Dimon. Dimon went on to liken Bitcoin to a speculative tulip mania, a beanie baby frenzie, and internet stocks.
Dimon also commented on the economy in the wake of the global government lockdowns, arguing that Bitcoin is benefiting from a larger asset bubble in the global economy: “This is more of a sign that the pump is being fueled. Spending today is 20% higher than before Covid. ”
The billionaire CEO also spoke openly about the banking industry and the potential for further government involvement in the sector: “Governments should recognize the things they are not doing well. Like banking. If you start giving loans for political purposes, it will be bad loans. “
Still, JPMorgan executives see some potential for Bitcoin alongside growing customer demand. In August, JPMorgan Chase partnered with the Bitcoin-focused institutional platform New York Digital Investment Group to offer the passively managed Bitcoin fund.
In late August, both Wells Fargo and JPMorgan filed for passive bitcoin funds for their wealthy clients, suggesting that the banking sector is responding to the growing demand for bitcoin despite Dimon’s concerns.