JPMorgan’s Dimon Believes Bitcoin Can Hit $400k, But Still Thinks It “Worthless” — Why?

JPMorgan’s Jamie Dimon has maintained that he sees no value in the world’s largest cryptocurrency.

Speaking on Monday during the annual membership virtual meeting at the Institute of International Finance conference, the American billionaire reiterated his earlier statements on Bitcoin, arguing that it was just a matter of time before the currency came crumbling to nothing.

“I personally think that Bitcoin is worthless, I don’t care. It makes no difference to me” he said.

He also stated that although JPMorgan does not custody Bitcoin and other cryptocurrencies, it would still continue to offer exposure to crypto to its clients, whom the backstops with, in matters concerning investing decisions.

”Our clients are adults. They disagree, that’s what makes markets, so if they want to have access to buy or sell bitcoin, you know we can’t custody it but we can give them legitimate, clean and possible access” 

In early August, the bank quietly unveiled a crypto fund that would see private bank clients access various crypto assets investment services through the New York Digital Investment Group (NYDIG), a leading technology and financial services firm dedicated to Bitcoin.

This is not the first time the top banker has thrown shades at Bitcoin. Although he has previously expressed his confidence in the technology behind cryptocurrencies and even implying at Bitcoin hitting $400,000 in less than five years, he generally sees the cryptocurrencies, particularly bitcoin as having no real value and only driven by pure speculation.

Dimon also threw his two cents on regulation around digital assets and CBDCs. He noted that given the growing anxiety around blockchain and stablecoins in Washington, regulations around the cryptocurrency ecosystem were bound to happen. “No matter what anyone in the room thinks, nor what any libertarian thinks, nor what anyone thinks about it, governments going to regulate it” 

Interestingly, despite Dimon’s derogatory remarks, Bitcoin has only emerged stronger. In 2017, he compared the popularity of the asset to that of Tulips in the 1600s whose prices came crashing to almost zero after a hyped get-rich campaign, even threatening to fire employees found trading Bitcoin. 

Since Dimon’s infamous “Bitcoin fraud rant” in 2017, the asset has put forth exponential gains adding over 2000% in value to trade at just over $57,300, at press time, roughly $7000 shy of the asset’s all-time high price.