Bitcoin’s impressive performance has shut the mouths of several skeptics who have had to recognize that at least in the past few years, there is some merit in investing in this cryptocurrency. Jamie Dimon, CEO of JPMorgan Chase, is NOT in this group.
The well-known businessman further doubled down on his take on Bitcoin, saying that from his perspective, cryptocurrency has no intrinsic value, and he does not advise considering it as a serious investment.
The CEO of JPMorgan Hates Bitcoin But Loves His Pro-Bitcoin Clients
However, Dimon acknowledged that his opinion is not the most popular one today.
“Personally, I think bitcoin is worthless. (However) our customers are adults (and) they disagree. That’s what makes markets.”
The CEO of JPMorgan knows how to separate sentiment from business and has ensured that he now has no problem offering investment options to his Bitcoin hungry clients given their great interest in being exposed to cryptocurrencies:
“I’d fire them in a second. For two reasons: It’s against our rules, and they’re stupid. And both are dangerous.”
The community reacts
Of course, the crypto community was quick to respond. Generally, as is often the case when some skeptic issues an opinion, die-hard Bitcoiners point out that BTC’s appreciation over time has outlasted the most pessimistic predictions.
In fact, a compilation published by the 99 Bitcoins website notes that at least 431 high-level predictions have been issued assuring that Bitcoin was doomed, the first recorded on December 15, 2010 and the most recent on September 28. . 2021. Bitcoin is currently only a few thousand dollars away from reaching a new ATH, proving that (at least for now) Bitcoin pessimists were wrong.
Another one who ranted on Twitter was Michael Saylor, CEO of MicroStrategy, a software firm with a large investment in BTC. Saylor noted that probably the reason why Dimon and other bankers are so frustrated about the historical rise of Bitcoin is because of their lack of understanding of how it works and what does it do.
And Twitter username Plan B, known for its Stock-to-Flow model, shared a meme about how Dimon’s bearish words tend to flow before a bullrun.
In the meantime, Bitcoin remains steady at around $57.000. It is not yet dead.
