JP Morgan CEO issues stern warning to Bitcoin buyers

JP Morgan

TL;DR Breakdown

  • Dimon warns people about buying bitcoin.
  • The CEO of JP asks authorities to regulate bitcoin.
JP Morgan CEO

The crypto ‘doubting Thomas’, CEO of JP Morgan, has expressed his worries about digital currency. However, he said that the company would not stop offering crypto services.

In what is termed hatred towards the digital asset Jamie Dimon the CEO of JP Morgan, has sent warnings to the virtual currencies investors. The boss of JP Morgan believes that crypto is going away very soon+.

Bitcoin buyers beware

Jamie Dimon blasted the all-time high virtual currency in the recent past, saying that the crypto sphere is a platform of scamming people, and he said it is worse than tulip bulbs. He took a further step to say that any company’s employee that will buy Bitcoin will be dropped. He termed it as stupidity and against the companies rules. That was four years ago. Now the JP staff are open to the crypto sphere. At the beginning of the year, an analyst from the company gave a $146k Bitcoin price prediction. 

Recently the US investment bank JP Morgan has also announced plans to start managing Bitcoin funds of its wealthy clients.

This move by JP Morgan echoes the approach of many investment platforms, more so the banks that intend to enter the crypto sphere. These banks includes Morgan Stanley & Goldman Sachs. 

According to industry analysts, the JP Morgan bank is ranked top in taking giant strides into the digital asset sphere. “JPMorgan has been taking some of the biggest strides, adding Bitcoin exchanges Coinbase Inc. and Gemini Trust Co. as banking clients last year.”

Nonetheless, the CEO of JP Morgan has warned those intending to buy Bitcoin and told them to stay away from the crypto market.                          

Dimon Wants A Crackdown

In an annual meeting of the investment company institute (ICI) at the beginning of the week, the CEO of JP Morgan called on regulatory authorities to keep a close eye on the crypto sphere. In addition, he said that the ones in power to take more measures when governing the crypto sphere.

“There should be legal, regulatory, tax, related framework, AML, around crypto. It’s now worth $2 trillion. When are they going to say, “Oh my God, this is worthy of our attention.”

He asked the people in authority to act on the cryptocurrencies before things got so bad, where the crypto culprits start ruining people’s lives.

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