{"id":464688,"date":"2021-05-28T12:00:07","date_gmt":"2021-05-28T12:00:07","guid":{"rendered":"https:\/\/wncen.com\/?p=464688"},"modified":"2021-05-28T09:04:08","modified_gmt":"2021-05-28T09:04:08","slug":"jp-morgan-ceo-steer-clear-of-crypto-but-i-cant-tell-you-how-to-spend-your-money","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/jp-morgan-ceo-steer-clear-of-crypto-but-i-cant-tell-you-how-to-spend-your-money\/","title":{"rendered":"JP Morgan CEO: Steer Clear of Crypto, But I Can’t Tell You How To Spend Your Money"},"content":{"rendered":"
Crypto agnostic Jamie Dimon<\/a> reiterates his cynicism towards the nascent investment class, warning investors to “stay away from it.” However, the JP Morgan boss has no qualms about selling it to clients.<\/p>\n In what is a love-hate relationship with cryptocurrency, Dimon, once again, sounds the alarm on cryptocurrency. But based on his willingness to offer it to clients, it’s clear he thinks crypto isn’t going away.<\/p>\n The JP Morgan boss<\/a> blasted Bitcoin in the recent past, calling cryptocurrency a fraud and worse than tulip bulbs. He even went as far as saying he would fire any member of staff trading it. His justification? Because it’s stupid and against our rules.<\/p>\n That was four years ago. Now, JP Morgan staff are openly active in the crypto space. For example, earlier this year, a report by JP Morgan analysts gave a $146k<\/a> price prediction for Bitcoin.<\/p>\n More recently, the U.S investment bank also announced plans to offer an actively managed Bitcoin fund<\/a> to wealthy clients.<\/p>\n The move echoes the approach by many top U.S banks, who have also laid out plans to enter cryptocurrency markets. Including Morgan Stanley and Goldman Sachs<\/a>.<\/p>\n Industry analysts point out that JP Morgan has been taking the biggest strides into cryptocurrency out of all the U.S banks.<\/p>\n “JPMorgan has been taking some of the biggest strides, adding Bitcoin exchanges Coinbase Inc. and Gemini Trust Co. as banking clients last year.”<\/p><\/blockquote>\n Nonetheless, while no longer openly hostile to crypto, the JP Morgan boss still has his reservations. In a congressional testimony to the U.S. House Financial Services Committee, Dimon<\/a> advised people to stay away from it.<\/p>\n Despite his doubts, Dimon acknowledged that his personal opinions on the matter do not affect what services JP Morgan offers its clients. With high client demand, he said it’s not his place to tell people how to spend their money.<\/p>\n “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.”<\/p><\/blockquote>\nCrypto Buyer Beware<\/h2>\n
Dimon Wants A Crackdown<\/h2>\n