JPMorgan CEO Not Interested in Bitcoin, Says His Clients Are

Jafrin  |  May 6, 2021

The CEO of JPMorgan, Jamie Dimon says he doesn’t care about Bitcoin but his clients are interested. While Dimon may not support Bitcoin, his bank is providing products that are related to cryptocurrencies. In March, JPMorgan launched a crypto investment product tracking public company stocks with Bitcoin exposure. Reportedly, the bank is soon going to provide clients with access to Bitcoin investments.

JPMorgan CEO Not Interested in Bitcoin But His Clients Are

During a Wall Street Journal CEO Council Summit on 4th may, the CEO of JPMorgan, Jamie Dimon said that he is still skeptical about Bitcoin and has no real interest in it but his clients are keen on the cryptocurrency, saying:

"I am not a bitcoin supporter. I don’t really care about bitcoin … I have no interest in it."

Meanwhile, he did acknowledge that the bank's clients are interested in the cryptocurrency:

"On the other hand, clients are interested and I don’t tell clients what to do … They want to be able to put it on statements, they want to be able to buy and sell it. If we can help them do those things very, very safely with all the proper disclosures then, you know, it’s not my job to decide what they’re going to do with their money.”

This isn’t the first time Dimon has expressed skepticism on the flagship cryptocurrency. In 2017, he warned that Bitcoin was a “fraud”, a comment he later said he regretted and threatened to fire any JPMorgan employee who traded Bitcoin.

Despite CEO's Views, JPMorgan Provides Crypto Services

Meanwhile, Dimon seems favorable towards the underlying technology behind cryptocurrencies:

“Blockchain is real. We use it. But people have to remember that a currency is supported by the taxing authority of a country, the rule of law, a central bank.”

Last year, the investment bank approved banking accounts for Coinbase and Gemini crypto exchange while operating its own blockchain-based digital currency, JPM Coin. The stablecoin is pegged 1:1 to the U.S. dollar.

In addition, JPMorgan has established Onyx, an umbrella organization for its blockchain and digital currency initiatives.

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