JPMorgan CEO Jamie Dimon Defends “Your Right” To Buy Crypto

The Head of JPMorgan Chase, Jamie Dimon on Friday remarked that while he does not really like crypto yet, he does see some benefits to it and believes anyone should be able to invest in it.

In an interview with KMTV 3 News Now in Omaha, the JPMorgan CEO said:

“I always say I don’t particularly like it. I defend your right to do it. I’d say be very, very careful how much money you put into it.”

With the interview taking place ahead of the Berkshire Hathaway annual shareholders weekend that took place over the weekend, Dimon noted that crypto holds technological benefits as he admitted that there are some limitations to the banking industry. He explained:

“Not all of it is bad. If you said to me ‘I want to send $200 to a friend in a foreign country,’ that could take you two weeks and cost you $40. You could do it through a digital currency and it’ll take you seconds.”

Without specifying what kind of digital assets he is referring to he added:

“So, it’ll work out. I think it will be adopted over time by lots of players out there, including banks.”

Although Dimon has always been skeptical towards Bitcoin and cryptocurrencies, his firm offers multiple crypto products to its clients and has even set up office in the metaverse.

JPMorgan analysts remain positive about the potential of digital assets and Bitcoin, predicting the flagship crypto to be worth at least $150,000 a coin. The bank predicts that 2022 will be a year of greater crypto acceptance.

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Author: Peter Siu