The debate on the viability of cryptocurrencies is still ongoing. In his recent speech at a Congressional hearing
, JPMorgan CEO Jamie Dimon advised investors to be wary of Bitcoin (BTC / USD). “My own personal advice to people is to stay away from him,” he said while responding to Congressman Warren Davidson, who is passionate about cryptocurrencies.
Crypto assets are inferior to traditional assets
Dimon stated that cryptocurrencies are far inferior to traditional assets and that the former cannot survive due to their underlying problems.
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He also called on authorities and regulators to increase their scrutiny on digital assets. Dimon stated,
Something that is not backed by anything, I don’t think it has much value.
Exempt stablecoins and blockchain
While noting his dislike for Bitcoin, Dimon has a different take on stablecoins and the blockchain, stating that those two are “not in that field.”
He also says that your opinion on Bitcoin is not a criterion for your company’s decision to adopt crypto or not.
Although his opinion against cryptocurrencies has not changed during the year, the tone has changed slightly. In the past, he has categorically stated that JPMorgan will have nothing to do with crypto assets.
But JP Morgan is contemplating making Bitcoin available in some safe way, due to pressure from investors.
Greater general interest in cryptocurrencies
Goldman Sachs CEO David Solomon also spoke at the Congressional hearing. He admitted that there has been increased interest in Bitcoin and other crypto assets from the company’s customers.
He claimed that both individuals and institutions seek to expose themselves to Bitcoin, he said when responding to Congressman Josh Gotheimer.
As a result, he stated that the company has resolved to assist its clients with information on the “potential asset class.”
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