Although the CEO has always been a bitcoin bear, other executives at JPMorgan are open to crypto.
The chairman and CEO of investment banking firm JPMorgan Chase & Co (NYSE: JPM) Jamie Dimon said in a recent interview that he is not a bitcoin supporter. The CEO’s statement on Bitcoin came after several reports that JPMorgan was launching a Bitcoin fund for clients.
Speaking at the Wall Street Journal CEO Council Summit on May 4th, the JPMorgan chairman said:
“I don’t care about Bitcoin. I have no interest in it … blockchain is real. We use it. But people need to remember that a currency is backed by a country’s tax authority, the rule of law, a central bank. “
Dimon went on to mention that JPMorgan’s customers are interested in Bitcoin, however.
Last week there were reports that JPMorgan would be the first and largest bank in the US to offer the Bitcoin Fund service to its customers. With the launch of the Bitcoin fund, JPMorgan’s clients will begin investing in the digital asset.
The matter was confirmed by two sources who told CoinDesk that JPMorgan could launch the Bitcoin funds next summer. According to one source, the fund would only be available to JPMorgan’s high net worth individuals. It was also announced that New York Digital Investment Group LLC (NYDIG) would act as custodian for the Bitcoin fund.
Despite Dimon’s bearish stance on Bitcoin, the CEO noted that he is not against customer interest in BTC. He added:
“I’m not telling customers what to do.”
JPMorgan’s CEO has always been bearish on Bitcoin
During the CNBC and Institutional Investor Delivering Alpha conference in 2017, Dimon described Bitcoin as a “scam”. He added that Bitcoin is not a real thing and at some point it will close and not end well.
Although the CEO has always been a bitcoin bear, other executives at JPMorgan are open to crypto. Before news broke about JPMorgan’s Bitcoin Fund, the company’s co-president Daniel Pinto had stated that customer demand for digital assets could influence the investment company’s decision about Bitcoin.
“If over time an asset class develops that will be used by various asset managers and investors, we need to be involved. The demand isn’t there yet, but I’m sure it will eventually, ”said Pinto.
JPMorgan stock is currently trading at $ 155.58, a 0.15% jump from its previous closing price of $ 155.48. JPM stock has only made gains for the past 12 months. The company’s share rose 72.24% in the past year and rose over 22% in the previous year’s record. Additionally, JPMorgan stock is up 15.05% over the past three months and 0.35% over the last month. In the past five days, the investment company is up 2.13%.
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Ibukun is a crypto / financial writer interested in sharing relevant information and not using complex words to reach all types of audiences. In addition to writing, she enjoys watching movies, cooking, and exploring restaurants in the Lagos city where she lives.
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