JPMorgan CEO says Bitcoin price could rise 10X, but still won’t buy it

The CEO of JPMorgan, an investment banking giant, dismissed Bitcoin’s popularity in an interview with Times of India. He stated that Bitcoin could grow 10x within five years.

Dimon, a long-standing critic of Bitcoin (BTC), called Bitcoin a fraud in 2017. He cited the reported ability for criminals to evade capture by operating their financial transactions using Bitcoin (BTC) instead of U.S. dollars.

Dimon replied to Times of India’s question about whether Bitcoin and other cryptocurrency assets should either be banned or regulated.

“I don’t care that much about bitcoin. It is a waste of time and energy that people spend too much on. It will be regulated… and that will limit it to some degree. It doesn’t matter if it does or not. I don’t care. I’m not a bitcoin buyer. It can go 10x in the next five year, but that does not mean it cannot.”

JPMorgan, however, has shown a growing interest over the past year in crypto and blockchain initiatives.

The firm bought a 10% stake at Microstrategy in January. Microstrategy’s CEO Michael Saylor, one of Bitcoin’s most prominent investors and holders, was an ultra-bullish business intelligence company.

The firm has created numerous vacancies worldwide for engineers, marketers, and developers of blockchain to work in its crypto-centric Onyx Division — responsible for the launch of JPM Coin, the bank’s stablecoin asset, in October 2020.

A recent report claims that Counterpoint Global, a JPMorgan affiliate, is looking into offering cryptocurrency investments for wealthy clients. This would be a significant endorsement for the rest the banking industry, with assets under management exceeding $150 billion.

Related: JPMorgan will provide crypto funds access for retail wealth clients

In an interview with Cointelegraph, in late 2020, Dimon was criticized for his disapproval of digital assets. This was not only from Wall Street veteran Max Keilser. Keilser used a biological analogy in his dissatisfaction with Dimon.

Bitcoin was born out of our collective, global consciousness to defend against predatory central bankers. Jamie Dimon is like a tapeworm and our species has no defense. With God’s help we all willed Bitcoin to existence to combat fiat money, fractional reserves banking, and Keynesian debt money propaganda.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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