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Jamie Dimon bashes bitcoin once more, calling it ‘nugatory’

Dimon as soon as once more attacked the highest cryptocurrency, calling it “nugatory” throughout a digital summit Monday.

“I personally assume bitcoin is nugatory, however I do not need to be a spokesperson,” he mentioned throughout a digital look on the Institute of Worldwide Finance Assembly earlier than including, “I do not care, it makes no distinction to me. I do not assume individuals ought to smoke cigarettes.”
However Dimon added that his personal tackle bitcoin has not stopped the financial institution from permitting its clients to purchase and promote the cryptocurrency…despite the fact that JPMorgan Chase (JPM) itself won’t maintain it.

“Our purchasers are adults, they disagree. That is what makes markets. If they need entry to purchase and promote bitcoin…we may give them reliable, clean-as-possible entry,” he mentioned.

Dimon additionally continues to assist the concept that some digital currencies that run on a blockchain community do have worth, particularly if they’re so-called stablecoins pegged to the greenback or different government-backed currencies. The financial institution has its personal JPM Coin for funds.

Nonetheless, Dimon’s sarcastic remarks about bitcoin come as the worth of the cryptocurrency has surged in latest weeks to about $57,000. Bitcoin has almost doubled this yr and is now solely about 12% beneath the all-time excessive of just below $65,000 earlier this yr.

Dimon has been a bitcoin bear for the previous few years — regardless of that it has soared in worth together with different cryptocurrencies.

Dimon first known as bitcoin a “fraud” in 2017. He added on the time that he thought bitcoin was “silly” and “far too harmful.”
Extra just lately, Dimon mentioned throughout an look on the Axios HBO present earlier this month that bitcoin was “just a little little bit of idiot’s gold,” and that “it is obtained no intrinsic worth.” (HBO, like CNN Enterprise, is part of AT&T (T)-owned WarnerMedia.)

Dimon additionally predicted that “regulators are going to control the hell out of it.”

Attacking bitcoin for years however the crypto retains climbing

Dimon is not the one prime monetary voice to be skeptical of bitcoin. Berkshire Hathaway’s (BRKB) Warren Buffett and Charlie Munger are notable bitcoin bashers too.
However an rising variety of prime monetary tech corporations, corresponding to Sq. (SQ) and PayPal (PYPL), in addition to outstanding traders like Mike Novogratz, Stanley Druckenmiller and Paul Tudor Jones, have all embraced bitcoin.
Simply final week, the household workplace of George Soros disclosed that it has invested in bitcoin too.

So time will inform if Dimon winds up being proper to repeatedly query bitcoin’s worth. However his continued assault on the cryptocurrency appears to be falling on deaf ears with traders.

“Jamie Dimon calling Bitcoin ‘nugatory’ is nothing new and has been shrugged off by the market,” mentioned Nicholas Cawley, analyst at DailyFX, in a report Tuesday.

Cawley added that since Dimon referred to bitcoin as being worse than the Dutch tulip mania bubble of the 1600s 4 years in the past, bitcoin has surged from about $four,500 to its present value approaching $60,000.

JPMorgan Chase will report earnings for the third quarter Wednesday morning. Buyers will probably be tuning in to see if Dimon has any extra selection feedback about bitcoin throughout both the media or analyst convention calls.

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