JP Morgan boss doubles down on his cryptocurrency criticism

After appearing to soften his views on cryptocurrency, the boss of JPMorgan is back with his criticisms…

The CEO of JPMorgan, Jamie Dimon, is on the warpath against cryptocurrencies again, declaring them a “scam”, and saying that he had “no interest” in them.

He was talking over the weekend at the Aspen Institute 25th summer celebration gala, and his address covered matters such as US treasury yields, and his belief that the current bull market in the US economy could “actually go for two or three more years”.

But when it came to cryptocurrency, Dimon was far less positive, to the point where he told the audience at the event that governments may yet move to shut down cryptocurrencies, given that they can’t control them.

Dimon is treading familiar ground. Whilst he’d appeared to soften his approach to cryptocurrencies over the past months, he’s most notable in this sector for describing Bitcoin as a “fraud” last autumn. He dialled back on that description in subsequent comments.

Furthermore, not everyone within JPMorgan is singing from quite the same sheet. Earlier this year, for instance, we reported the words of the head of channels, analytics and innovation at the firm’s treasury services arm, Umar Farooq. He said back in February that “I wouldn’t say crypto is bad, but I think crypto needs some evolution”.

He also said of his boss that “I think he’s backed off”, when asked about his earlier cryptocurrency criticism. Six months later, Dimon has taken a critical stance again.

Bloomberg’s report on Dimon’s words can be found here. We wait and see if he’ll soften his position again going forward…

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