Industry News

JP Morgan CEO opposed to Bitcoin

Jamie Dimon, JP Morgan CEO has once again expressed his lack of interest in Bitcoin. He described Bitcoin saying “it’s not my cup of tea.”

Dimon made this assertion at the New York Times’ Dealbook summit, hosted by reporter Andrew Ross Sorkin.  The JP Morgan CEO despite being a crypto naysayer was full of praises for blockchain technology.

He says blockchain will be vital to letting people move money around the world cheaper,” and that JP Morgan will “always support blockchain technology.” However, his stance on Bitcoin remains the same.

The JP Morgan Chase CEO hate for bitcoin can be traced back to 2017 when the crypto hit an all-time high and plunged. Dimon back then called it a fraud saying someone will be killed for the crypto.

Dimon hate for crypto

Bitcoin in the past weeks have been hitting new yearly highs and attracting investment from every corner. Dimon’s opposition to crypto largely could be likened to professionalism as it is believed that Bitcoin is a threat to the banking profession.

In 2017, before Bitcoin hit an all time high, Dimon had called Bitcoin a fraud and says it is nothing real and would eventually get closed.

He likened the digital asset to the tulip bulb craze in the 17th century saying it won’t end well and someone would get killed.

Furthering his skepticism for Bitcoin, he went on to say that whoever in JP Morgan that transacts in Bitcoin would get fired in a second. 

JP Morgan CEO, others who oppose Bitcoin

As much as the list of crypto bulls cannot be exhausted, the number of those who oppose the digital assets outside JP Morgan CEO cannot be exhausted. 

Several wall street stakeholders alongside successful investors and billionaire have refused to join the Bitcoin bandwagon. 

They attribute their dislike for the assets to several reasons like volatility, an avenue for funding drugs, human trafficking, kidnapping among other illegals. Others site environmental issues. Regardless, Bitcoin has continued to surge in recent times. 

American President Donald Trump, is one famous personality known to hate Bitcoin. Peter Schiff, Warren Buffet, David Gerard are some other prominent individuals who remain vocal in their hate for Bitcoin. 

This post was last modified on January 7, 2021 6:27 am

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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