While admitting to owning digital assets, Interactive Brokers Chairman Thomas Peterffy recently expressed scepticism about the worth of cryptocurrencies in a “Squawk Box” interview.
His doubts are unexpected given the brokerage company’s aggressive expansion of its cryptocurrency trading capabilities, which include round-the-clock trading of Bitcoin, Ethereum, and other virtual currencies in collaboration with Paxos.
Peterffy’s ambiguous position is similar to that of JPMorgan, whose CEO Jamie Dimon has long been a public opponent of Bitcoin.
Despite this, JPMorgan continues to research blockchain and cryptocurrency technology. The company introduced JPM Coin, its own digital currency, in 2019, and it actively invests in start-ups and projects linked to blockchain technology.
The experiences of both JPMorgan and Interactive Brokers highlight the nuanced interaction between established financial institutions and the emerging world of digital assets. Industry leaders’ organisations continue to invest in and use the technology despite their concerns about the stability and value of cryptocurrencies.
Peterffy also discussed his opinions about the stock market, which he thinks is 20% overvalued, during the interview. He did not, however, advise against owning equities because the market is still rising.
