JPMorgan CEO Dimon Says He Doesn’t Care About Bitcoin—But His Clients Do

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Top line

JPMorgan billionaire CEO Jamie Dimon, a notorious cryptoskeptic, said Tuesday he is still not a “supporter” of Bitcoin, but added that he recognizes that many of his bank’s customers are in the world’s largest and most popular digital currency want to invest It continues to fascinate retailers and large institutions alike.

JP Morgan Chase & Co. Chairman and Chief Executive Officer Jamie Dimon.

AFP via Getty Images

Key factors

In an interview at the Wall Street Journal’s CEO Council Summit, Dimon described how JMPorgan clients are now looking for ways to store their crypto assets securely with the bank, track their crypto holdings along with other assets, and crypto along with traditional ones Buying and selling assets.

Last month, CoinDesk announced that JPMorgan would allow certain customers to invest in an actively managed Bitcoin fund as early as this summer – a first for the bank.

Dimon added that JPMorgan used blockchain – the technology that underpins Bitcoin and other digital currencies – and contrasted Bitcoin with the central bank’s digital currencies, which is 100% backed by government assets rather than a decentralized network of users.

Big number

89%. That’s how much Bitcoin has risen this year, from about $ 29,000 per coin at the beginning of the year to about $ 55.00 per coin on Tuesday. The cryptocurrency has seen wild price swings as it rose.

Crucial quote

“I don’t really care about Bitcoin … I’m not interested in it. On the other hand, customers are interested and I don’t tell customers what to do, ”said Dimon.

Key background

This isn’t the first time Dimon has voiced skepticism about Bitcoin and other volatile cryptocurrencies, although his tone has waned. In 2017, he warned that Bitcoin was a “scam” (a comment he later regretted) that was “worse than tulip bulbs” and threatened to fire any JPMorgan employee who traded Bitcoin.

further reading

Here are the top stocks that are riding the crypto wave and “dramatically” outperforming the market (Forbes)

Crypto Flash Crash Wiped $ 300 Billion In Less Than 24 Hours, Triggering Massive Bitcoin Liquidations (Forbes)

Not Just Tesla: Big Institutions Keep Stacking Up In Bitcoin As Price Soars Over $ 50,000 (Forbes)

$ 8.7 trillion Asset Manager BlackRock Investigates Bitcoin While Institutes Flood Crypto (Forbes)