JPMorgan CEO warns investors to stay away from Bitcoin
BTC Peers
Published May 28, 2021 12:35PM ET
Updated May 28, 2021 01:00PM ET
JPMorgan CEO warns investors to stay away from Bitcoin
Despite making an entry into the cryptocurrency space, JPMorgan’s CEO Jamie Dimon has issued a note of warning to investors about Bitcoin. He advised them to stay away from Bitcoin.
During a House Financial Services Committee hearing on Thursday, Republican Congressman Warren Davidson asked Dimon about how his perspective of Bitcoin has changed. Dimon, in response, explained that his views have not really changed, noting that:
My own personal advice to people is [to] 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.Back in 2017, Dimon labeled Bitcoin a “fraud,” saying that the leading digital asset is nothing like gold or fiat currencies.
My own personal view is it's nothing like a fiat currency, it's nothing like gold. Buyer beware.It is surprising at the very least that the investment bank’s CEO does not support Bitcoin but his analysts advised clients back in February to allocate one percent of their portfolio to Bitcoin and other cryptocurrencies.
Continue reading on BTC Peers
Get The News You Want
Written By: BTC Peers
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.