JPMorgan Chase CEO Jamie Dimon has given personal advice to investors regarding investing in cryptocurrencies, like bitcoin. He said that his own personal advice to people is to “stay away” from cryptocurrencies. However, his bank, JPMorgan, will not stay away as clients want exposure to this asset class.
Jamie Dimon, the CEO of JPMorgan Chase, the largest bank in the U.S., gave his congressional testimony before the House of Financial Services Committee regarding cryptocurrency on Thursday. While admitting that JPMorgan’s clients are interested in investing in bitcoin, Dimon said:
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.
“We are debating should we make it available in some way, in a safe way, that people can buy and sell it” and put it in their financial statements and balance sheets, the JPMorgan CEO continued. “But my own personal view, it’s nothing like a fiat currency. It’s nothing like gold. Buyer beware.”