In a new interview with Times of IndiaAnd Jamie Dimon, CEO of JPMorgan, continued his history of criticism of bitcoin, saying, “I think if you borrow money to buy bitcoin, you’re an idiot.”
The billionaire CEO has taken a very dismissive stance on Bitcoin since the asset debuted, largely choosing to ignore its long track record of stable runs, rising prices, and demand from its customers.
Notably, in the interview, Dimon declared, “I don’t really care about bitcoin,” and went on to describe how little he knows about it.
“I don’t know if it’s an asset. I don’t know if it’s foreign exchange. I don’t know if it’s a currency,” Dimon said. He also suggested that regulations would restrict Bitcoin, but as to “whether or not they will cancel it, I don’t have No idea and I don’t care personally. I am not a buyer of bitcoin.”
He continued, “This does not mean that it cannot reach its price 10 times in the next five years.”
There are signs that Dimon is compelled to soften his public stance on bitcoin, especially as the money his bank manages begins to allocate capital to the market.
But it is clear from his many dismissive comments that Dimon is not personally interested in bitcoin.
“I learned a long time ago, find out what you want, do what you want and be successful on your own,” Damon said. Dimon went on to compare bitcoin to the speculative tulip obsession, portable beanie and internet stocks.
Dimon also commented on the economy in the wake of government shutdowns around the world, saying that bitcoin is benefiting from a larger asset bubble in the global economy: “This is a sign that the pump is ready. Spending today is 20% more than it was before Covid.”
The billionaire CEO also spoke candidly about the banking industry and the potential for increased government involvement in the sector, “Governments should recognize the things they are not doing well. Like banks. If they start making loans for political purposes, it will be non-performing loans.”
JPMorgan executives still see some potential for bitcoin along with the increasing demand from their customers. In August, JPMorgan Chase partnered with Bitcoin-focused platform New York Digital Investment Group to offer a passively managed Bitcoin fund.
At the end of August, Wells Fargo and JPMorgan applied for negative Bitcoin funds for their wealthy clients as well, indicating that despite Dimon’s concerns, the banking sector is responding to the growing demand for Bitcoin.