JPMorgan Chase CEO Advises People to Stay away from Bitcoin

JPMorgan Chase has been the most severe opponent of the idea of incorporating cryptocurrencies into the financial world, and when the crypto mania was booming and getting adopted left, and right, they chimed in too. The bank started to provide Bitcoin trading, buying, and selling services to its clients that could afford it, so to put it right, only the influential and rich people were allowed to use the service. But it was an instant hit with that specific class of the audience as they didn’t only love the idea of working with Bitcoin but having their cryptocurrencies and their fiat money side by side also came off as an astonishing element to them.

Bitcoin is not an Ideal Investment Scheme

It was then believed that maybe JPMorgan had come around the concepts of blockchain, decentralization, and cryptocurrency in general only until the truth revealed itself. During a house financial services committee hearing, Republican Congressman Warren Davidson asked Jaime Dimon, the CEO of JPMorgan, about his views on Bitcoin and how they have changed all this time. Replying to this question, Jaime added that his views had not changed much at all and pretty much are rigid where these were before. 

According to Jaime, people should stay away from Bitcoin given its highly speculative nature; it would be unwise to invest their life’s savings into it, and that is why it is best if they could invest their money into the usual stuff that doesn’t propose such speculative and risky behavior as Bitcoin.

But then he also gave his views about how the clients see it, and according to Jaime, the clients who want to trade it, buy, and sell it do love the idea of having a platform where they can buy Bitcoin and store it and thus JPMorgan Chase is providing them with this service, nothing less and nothing more. He also said that he doesn’t smoke marijuana, but if the government one day legalizes it in all states, he won’t stop companies from making it, but he won’t be smoking it. 

In the very same sense, Jaime believes that it is not his place to tell people how to spend their money and as a business, JPMorgan is providing its clients with access to Bitcoin, but personally, the CEO of JPMorgan doesn’t seem to be a fan of the cryptocurrency.