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JPMorgan CEO recommends staying away from cryptocurrencies

JPMorgan CEO recommends staying away from cryptocurrencies

According to JPMorgan Chase CEO Jamie Dimon, only a few players will be able to outplay bitcoin and other crypto assets in the digital market. He recommends that investors "stay away" from cryptocurrencies. "My own personal advice to people is 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," he pointed out.

The head of the corporate and investment bank is skeptical about digital assets. At the same time, Dimon takes a positive view of the bank clients’ desire to invest in cryptocurrencies.

Earlier, JPMorgan's Chief was highly critical of virtual assets. He even threatened to fire any employee who traded them, noting that bitcoin holders were "stupid".

However, in early May, he changed his mind. Jamie Dimon acknowledged the interest of the bank's clients in digital assets, in particular in BTC. Nevertheless, he is still a crypto skeptic. "I’m not a bitcoin supporter. I have no interest in it," Dimon said.

Notably, in late April, JPMorgan teamed up with DBS Bank and Singapore's investment group Temasek to develop a specialized DLT-based platform. It is intended for interbank payments, trade transactions, and foreign exchange settlements, the bank emphasizes.

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