Jamie Dimon, CEO of US investment bank JPMorgan Chase, has urged to stay away from cryptocurrencies, but added that he would not stop JPMorgan Chase from working with cryptocurrency.
My personal advice to people: stay away from cryptocurrencies. This does not mean that our clients do not want it. It’s about how you should run your business. I don’t smoke marijuana, but if you make it legal nationally, I’m not going to stop people from doing it.
He added that cryptocurrencies cannot be compared to regular currency or gold. Daimon said his personal views do not affect the financial services that JPMorgan Chase offers to its clients. JPMorgan Chase and its competitors continue to actively adopt cryptocurrency. According to CoinDesk, the bank is gearing up to offer an actively managed bitcoin fund to private clients.
He stressed that many clients turn to the bank with a request to help buy or sell cryptocurrency. Back in 2017, Jamie Dimon called Bitcoin a “scam”. He has now stated that JPMorgan Chase is discussing how to offer cryptocurrency products in a “secure” way.
This week, Bank of Japan Governor Haruhiko Kuroda stated that most of the trading in the cryptocurrency industry is speculative and Bitcoin’s volatility is extremely high.