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JPMorgan CEO Jamie Dimon Expresses Doubts About Crypto But Believes That “Not All Of It Is Bad”

JPMorgan CEO Jamie Dimon Expresses Doubts About Crypto But Believes That

Jamie Dimon, CEO, and Chairman of JPMorgan Chase recently sat down with 3 News Now, in an interview where they talked about an array of things in the financial world. In the interview, Jamie Dimon expressed his doubts about cryptocurrencies but insisted that people’s rights to use crypto ought to be protected.

Jamie Dimon was speaking in an interview held by 3 News Now ahead of the Berkshire Hathaway annual shareholders slated for the weekend. When asked to comment on cryptocurrencies – including Bitcoin, he stated that:

“I always say I don’t particularly like it. I defend your right to do it. I’d say be very, very careful how much money you put into it.”

A consistent critic of cryptos

His comments did not, however, come as a surprise. Over the years, he has seldom shied away from expressing his skepticism about cryptocurrencies.

In October 2021, he took a jab at cryptos, including Bitcoin, terming them as worthless. He has consistently held the opinion that cryptos operate on sentiments instead of being tied to real intrinsic value. He pointed out that most cryptocurrency valuations were uncertain and that laws and regulations would kill off cryptos.

The silver cloud around cryptos

Despite Jamie Dimon’s hard-line stance on cryptos, he expressed in the interview that not all of it is bad and that he would defend anyone’s right to invest in crypto. Additionally, he admitted seeing a few benefits of cryptos and their underlying technology – blockchain. He conceded that the banking industry had its challenges that would be solved through blockchain applications.

In the interview, the Chief Executive at JPMorgan opined that:

“Not all of it is bad. If you said to me ‘I want to send $200 to a friend in a foreign country,’ that could take you two weeks and cost you $40. You could do it through a digital currency and it’ll take you seconds. So, it’ll work out. I think it will be adopted over time by lots of players out there, including banks.”

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