JP Morgan CEO: Stay away from crypto but I can't tell you how to spend your money

Crypto-agnostic Jamie Dimon is warning investors to "stay away", echoing his cynicism about the rising investment class. However, JP Morgan's boss has no worries about selling him to customers. What is a love-hate relationship with cryptocurrency, Dimon once again raises the alarm about cryptocurrency. But based on his willingness to offer it to customers, it's clear he doesn't think cryptocurrency will disappear. The boss of Crypto Buyer JP Morgan recently destroyed Bitcoin, calling the cryptocurrency a fraud, and worse than tulip bulbs. He went so far as to say that he would fire any personnel who traded in it. Justification? Because this is stupid and against our rules. It was four years ago. Now, JP Morgan employees are clearly active in the crypto space. For example, earlier this year, a report from JP Morgan analysts gave a $ 146,000 price forecast for Bitcoin. More recently, the US investment bank also announced plans to offer high net worth clients an actively managed Bitcoin fund. The move reflects the approach taken by many major US banks that are also planning to enter the cryptocurrency markets. Including Morgan Stanley and Goldman Sachs. Industry analysts point out that JP Morgan is taking the biggest cryptocurrency steps of any US bank. "JPMorgan took some of the biggest strides last year by adding Bitcoin exchanges Coinbase Inc. and Gemini Trust Co. as bank clients." Still, although he is no longer openly hostile to crypto, the JP Morgan boss still has reservations. During his congressional testimony to the US House of Representatives Financial Services Committee, Dimon advised people to be clear. Despite his doubts, Dimon admitted that his personal opinion on this matter did not affect JP Morgan's services to its clients. He said that when faced with high customer demand, it is not his job to tell people how to spend their money. “It goes back to how you have to run a business. I don't smoke marijuana but if you make it national

Join the Discussion

  • BrokerEUR/USD
    OANDA 1.3pips (variable) margin: 3.33%
    Core Spreads 0.6pips (variable) margin: 3.33%
  • Back to top