Bitcoin is 'worthless': JPMorgan CEO Dimon
Dimon likened trading the cryptocurrency to smoking cigarettes
Kingsview Wealth Management CIO Scott Martin and CoinShares chief strategy officer Meltem Demirors provide insight into how investors should approach cryptocurrency.
JPMorgan Chase CEO Jamie Dimon is no fan of Bitcoin, and he reiterated his feelings on Monday by calling the cryptocurrency "worthless" while likening trading it to smoking cigarettes.
"I personally think that Bitcoin is worthless," Dimon said while speaking at a virtual event hosted by the Institute of International Finance. "But I don't want to be a spokesman for that, I don't care. It makes no difference to me."
JP Morgan Chase CEO Jamie Dimon (Reuters) (Reuters / Reuters Photos)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 245.33 | +3.40 | +1.41% |
BARSTOOL'S PORTNOY ON JPMORGAN'S DIMON'S SKEPTICISM OF BITCOIN: ‘IT’S NOT GOING ANYWHERE'
"I don't think you should smoke cigarettes either," the CEO continued before conceding, "Our clients are adults. They disagree. If they want to have access to buy or sell bitcoin – we can't custody it – but we can give them legitimate, as clean as possible access."
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Dimon has been a vocal critic of Bitcoin, previously calling it a "fraud" and "fool's gold," and at one point saying that he would fire JPMorgan traders if they traded in it. But despite his strong skepticism, JPMorgan has begun offering its clients access to a half dozen cryptocurrency products, the New York Post noted.