Jamie Dimon still not convinced about Bitcoin
Jamie Dimon was one of Bitcoin's biggest critics in recent years. However, his view on the leading cryptocurrency hasn't changed despite JPMorgan venturing into the crypto space in recent months.The JPMorgan CEO told the U.S. House Committee on Financial Services on Thursday that he doesn't think people should invest in Bitcoin because it is not backed by any asset. Hence, it doesn't have any value. "My own personal advice to people is to stay away from it," he added.
Although he doesn't support Bitcoin, Dimon said he wouldn't stop his clients from gaining access to the cryptocurrency. He suggested that if Bitcoin becomes regulated, JPMorgan will make it easier for its clients to access the cryptocurrency. Dimon said, "I don't smoke marijuana, but if you make it nationally legal, I'm not going to stop our people from banking it and etc. I don't tell people how to spend their money regardless of how I might personally feel about some of the items that people might buy with their money."
The crypto space needs regulation
Jamie Dimon told the committee that JPMorgan is currently considering making Bitcoin available to its clients in some safe way. However, he pointed out that regulators need to come in and regulate the crypto space. "I do think the regulators who are a day late and a dollar short should be paying more attention to the future, payment for order flow, high-frequency trading, cryptocurrency, and put a legal, regulatory framework around it," he added.JPMorgan is expected to roll out a service that would allow its wealthy clients to gain access to Bitcoin. It is set to join other leading U.S. banks such as Goldman Sachs, Morgan Stanley, and Citigroup to offer these services to its wealthy clients.
Traditional banks are adopting Bitcoin and other cryptocurrencies because of the demand from investors. Goldman Sachs CEO David Solomon said at the hearing that the banks are dealing with increasing demand from clients. "There is no question both institutions and individuals are looking for exposure to bitcoin," he added. The crypto space has seen an influx of traditional banks, including UBS, BNY Mellon and Cowen.
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