Stay away from cryptocurrencies, but I can’t tell you how to spend your money

cipher neutrality Jimmy Damon He reiterated his pessimism about the emerging investment class, warning investors to “stay away from it.” However, JP Morgan boss does not hesitate to sell it to customers.

Regarding his love-hate relationship with cryptocurrency, Dimon, once again, is sounding the alarm about cryptocurrency. But based on his desire to offer it to customers, he clearly believes that cryptocurrency is not going away.

Crypto Buyer Beware

The CEO of JPMorgan He has criticized bitcoin in the recent past, calling the cryptocurrency a fraud and worse than tulips. He even went so far as to say that he would fire any employee who traded in them. justify it? Because it’s stupid and against our rules.

It happened four years ago. Now, JP Morgan employees are openly active in the crypto space. For example, earlier this year, a report by JP Morgan analysts provided a value 146 thousand dollars Bitcoin price prediction.

Recently, the US investment bank also announced plans to introduce an actively managed offering Bitcoin Fund for wealthy clients.

The move reflects the approach of several major US banks, which also have plans to enter the cryptocurrency markets. included Morgan Stanley and Goldman Sachs.

Industry analysts point out that JPMorgan has taken the biggest strides in the crypto space among all US banks.

“JPMorgan has made some of its biggest strides, adding Bitcoin exchanges Coinbase Inc. and Gemini Trust Co. as banking clients in the past year.”

However, while he is no longer openly hostile to cryptocurrency, the head of JP Morgan still has his reservations. In testimony before Congress before the US House of Representatives Financial Services Committee, Damon Advise people to stay away from him.

Despite his skepticism, Damon acknowledged that his personal views on the matter do not affect the services JPMorgan provides to its clients. With customers in high demand, he said it’s not his place to tell people how to spend their money.

“It goes back to how you should run a business. I don’t smoke marijuana but if I make it legal nationwide, I won’t stop our people from dealing with it.”

Damon wants a crackdown

During the Investment Company Institute (ICI) annual meeting earlier this week, Damon He called on regulators to put more control over the cryptocurrency industry. In addition, authorities continue to slow down when it comes to space management.

“There needs to be a relevant legal, regulatory, and tax framework, AML, around cryptocurrencies. It’s now worth $2 trillion. When are they going to say, “Oh my God, this is worth our attention.”

He’s urging regulators to act now before it gets too big and, he believes, past the point where crypto criminals are ruining all of our lives.

However, Dimon clearly knows that cryptocurrencies are not going away. Why not join them, if you can’t beat them?

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