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JPMorgan CEO warns investors to stay away from BTC

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JPMorgan CEO warns investors to stay away from BTC

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JPMorgan CEO Jamie Dimon is known for his ambivalent attitude towards bitcoin. He recognizes that many of his bank’s clients are looking to invest in the most popular digital currency. At the same time, he urges them to get rid of it.

In his speech at a House Financial Services Committee hearing, Dimon expressed his dislike for the world's first cryptocurrency. However, the crypto skeptic had an odd way of conveying his position to US lawmakers.

"My own personal advice to people is stay away from it. That does not mean the clients don’t want it. This goes back to how you have to run a business. I don’t smoke marijuana but if you make it nationally legal, I’m not going to stop our people from banking it," the head of the investment bank said.

Notably, in early May, Dimon acknowledged the bank clients’ interest in the virtual currency. In late April, JPMorgan teamed up with DBS Bank and Singapore's investment group Temasek to develop a specialized DLT-based platform intended for interbank payments, trade transactions, and foreign exchange settlements.

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