{"id":51057,"date":"2021-10-12T15:30:06","date_gmt":"2021-10-12T12:30:06","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=51057"},"modified":"2025-09-02T21:39:56","modified_gmt":"2025-09-02T18:39:56","slug":"jamie-dimon-calls-bitcoin-worthless-and-his-stance-unpopular","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/jamie-dimon-calls-bitcoin-worthless-and-his-stance-unpopular\/","title":{"rendered":"Jamie Dimon calls Bitcoin worthless, and his stance unpopular"},"content":{"rendered":"<p>JPMorgan Chase Chief Executive Jamie Dimon again criticised the leading cryptocurrency, but conceded that the firm&#8217;s clients think otherwise. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-10-11\/reshoring-concerns-are-overblown-vinals-says-iif-update?utm_source=twitter&#038;utm_content=crypto&#038;utm_campaign=socialflow-organic&#038;utm_medium=social&#038;sref=AACmJ2tc\"> Bloomberg<\/a> reports.<\/p>\n<p>During the Institute of International Finance&#8217;s annual meeting, JPMorgan&#8217;s CEO stated that cryptocurrencies will come under regulation, as concerns rise in Washington about stablecoins and the broader asset class.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cI personally believe Bitcoin is worthless. Our clients are adults; they disagree. That&#8217;s what makes markets. So if they want to have the ability to buy BTC, we can&#8217;t hold it, but we can provide them with legal and as transparent access,\u201d Dimon said.<\/p>\n<\/blockquote>\n<p>Previously, the JPMorgan CEO repeatedly criticised cryptocurrencies, vowed to fire employees trading digital assets, and called Bitcoin holders fools.<\/p>\n<p>In May 2021, Dimon <a href=\"https:\/\/forklog.com\/en\/news\/jamie-dimon-acknowledges-jpmorgan-clients-interest-in-bitcoin\">acknowledged the clients&#8217; interest in the first cryptocurrency<\/a>, but reminded of his negative stance toward the asset. Later he <a href=\"https:\/\/forklog.com\/en\/news\/jpmorgan-chief-jamie-dimon-urges-investors-to-steer-clear-of-bitcoin\">recommended staying away from cryptocurrencies<\/a>.<\/p>\n<p>In September, the bank&#8217;s CEO <a href=\"https:\/\/forklog.com\/en\/news\/jamie-dimon-sees-bitcoin-rising-tenfold-but-declines-to-buy\">allowed Bitcoin&#8217;s price to rise tenfold<\/a> over the next five years, but ruled out the possibility of buying it.<\/p>\n<p>Analyst Ryan Selkis, founder of Messari, published the core theses from Dimon&#8217;s views on Bitcoin dating back to 2014 and compared them with price movements.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Jamie Dimon on BTC:<\/p>\n<p>2014: \u201cterrible store of value\u201d<br \/>2015: \u201cwill not survive\u201d \u201cwill be stopped\u201d<br \/>2016: \u00abgoing nowhere\u00bb<br \/>2017: \u00aba fraud\u00bb<br \/>2018: \u00abdon\u2019t really give a shit\u00bb<br \/>2019: [JPMCoin launch]<br \/>2020: \u201cnot my cup of tea\u201d<br \/>2021: \u201cI have no interest in it\u201d \u201cfool\u2019s gold\u201d \u201cworthless\u201d<\/p>\n<p>BTC: <a href=\"https:\/\/t.co\/ya6ZeDgqrr\">pic.twitter.com\/ya6ZeDgqrr<\/a><\/p>\n<p>\u2014 Ryan Selkis (@twobitidiot) <a href=\"https:\/\/twitter.com\/twobitidiot\/status\/1447633523846914055?ref_src=twsrc%5Etfw\">October 11, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Analyst Joseph Young noted that \u201cit&#8217;s not a Bitcoin bull market without Jamie Dimon, who said that it is worth nothing\u201d.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It\u2019s not a Bitcoin bull market without Jamie Dimon saying it\u2019s worthless.<\/p>\n<p>\u2014 Joseph Young (@iamjosephyoung) <a href=\"https:\/\/twitter.com\/iamjosephyoung\/status\/1447600602935037952?ref_src=twsrc%5Etfw\">October 11, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Galaxy Digital founder Mike Novogratz expressed surprise at Dimon&#8217;s position.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cSo strange. For a man who has done a brilliant job running a giant bank, his answers around Bitcoin sound superficial, and he keeps doubling down on them. I pray I stay open minded my whole life\u201d, \u2014 wrote Novogratz.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">So strange. For a man who has done a brilliant job running a giant bank, his answers around <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> are sophomoric and he keeps doubling down on them. I pray I stay open minded my whole life. <a href=\"https:\/\/t.co\/d4rJpUFGKH\">https:\/\/t.co\/d4rJpUFGKH<\/a><\/p>\n<p>\u2014 Mike Novogratz (@novogratz) <a href=\"https:\/\/twitter.com\/novogratz\/status\/1447697186209378305?ref_src=twsrc%5Etfw\">October 11, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The site 99 Bitcoins has compiled negative forecasts about Bitcoin\u2019s future \u2014 over 11 years the asset was predicted dead 431 times. The earliest date is December 15, 2010, and the most pessimistic statements (124) were heard most often in 2017.<\/p>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"781\" height=\"584\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2021-10-12-v-15.09.32.png\" alt=\"Jamie Dimon calls Bitcoin worthless, and his view is unpopular\" class=\"wp-image-152582\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2021-10-12-v-15.09.32.png 781w, https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2021-10-12-v-15.09.32-300x224.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2021-10-12-v-15.09.32-768x574.png 768w\" sizes=\"auto, (max-width: 781px) 100vw, 781px\" \/><figcaption>Source: 99 Bitcoins.<\/figcaption><\/figure>\n<p>In August, JPMorgan, together with NYDIG, <a href=\"https:\/\/forklog.com\/en\/news\/media-jpmorgan-teams-up-with-nydig-to-launch-a-bitcoin-fund-for-wealthy-clients\">launched<\/a> a fund based on the first cryptocurrency for wealthy clients, according to media.<\/p>\n<p>Earlier it was reported that the group opened <a href=\"https:\/\/forklog.com\/en\/news\/jpmorgan-offers-retail-clients-access-to-cryptocurrency-funds\">access to three Grayscale Investments funds and the Osprey Bitcoin Trust<\/a> for subscribers of the asset management unit&#8217;s services.<\/p>\n<p>Subscribe to the ForkLog channel on <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener\"> YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JPMorgan&#8217;s CEO Jamie Dimon again criticised the leading cryptocurrency, but acknowledged that the firm&#8217;s clients think otherwise. Bloomberg reports.<\/p>\n","protected":false},"author":1,"featured_media":51058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1283,229,1138],"class_list":["post-51057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-jamie-dimon","tag-jpmorgan","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"34","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/51057","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=51057"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/51057\/revisions"}],"predecessor-version":[{"id":51059,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/51057\/revisions\/51059"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/51058"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=51057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=51057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=51057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}