Steer clear of Bitcoin – JP Morgan advises

Steer clear of Bitcoin - JP Morgan advises

TL;DR Breakdown

  • JP Morgan chase CEO calls for regulation of crypto
  • Several American bank CEOs skeptical about Bitcoin

American investment bank and financial service giant JPMorgan Chase has warned that investors should steer clear of Bitcoin.

Jamie Dimon, CEO of the banking giant, expressed that his views on Bitcoin haven’t changed much over the past few years. He said no one should invest in Bitcoin at a virtual hearing hosted by the U.S. House Committee on Financial Services.

He said further that any asset does not support the number one crypto, and things that are not supported by any asset he said have no value.

“My advice to people is to stay away from it,” Dimon said while responding to a question by Ohio Representative Warren Davidson. The lawmaker, on the other hand, is a crypto enthusiast.

Despite stating that his personal opinion BTC has not changed, he said it does not mean that JP Morgan customers do not make inquiries about the number one crypto. He said despite his opinion, JPMorgan is “debating” whether it should make Bitcoin available in some “safe” way.

He also suggested that regulators should come in and regulate the crypto industry and called for a legal, regulatory framework around it.

Beyond JP Morgan, other American banking giants also careful on Bitcoin

Similar to JP Morgan chase CEO skepticism on Bitcoin, other bank CEOs share similar fear for Bitcoin.

Speaking, David Solomon, Goldman Sachs CEO, said that he is extremely cautious on Bitcoin. He also acknowledged that individuals and institutions inquire more about the cryptocurrency, which he says Goldman Sachs tries to provide.

Expressing more worry for BTC, Solomon said that use cases and regulatory oversight are unclear on Bitcoin despite surging interest for the coin. He says a lot of work still has to be done regarding that.

Bank of America CEO Brian Moynihan, Citigroup CEO Jane Fraser, and Wells Fargo CEO Charles Scharf shared the same sentiments with Solomon and Dimon.

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