• Despite the prolonged crypto winter, the price of Bitcoin has been inching upward over the past few weeks.
• JPMorgan Chase CEO Jamie Dimon has maintained an antagonistic stance against Bitcoin since 2017.
• Last week at the World Economic Forum in Davos, Switzerland, Dimon dismissed cryptocurrencies as having no real worth.
Cryptocurrencies have been gaining traction in the financial industry, despite the prolonged crypto winter. Bitcoin, the world’s most popular cryptocurrency, has been inching upward in price over the past few weeks, according to data from Coingecko. As of writing, Bitcoin is trading at $22,709, an increase of 15% over the week.
While the industry remains largely bullish about the prospects of cryptocurrencies, JPMorgan Chase CEO Jamie Dimon has been a long-time opponent of the crypto. As far back as September 2017, Dimon had labeled Bitcoin a “fraud” and asserted it would “blow up”. He stated that he would terminate any JPMorgan traders who engaged in cryptocurrency trading “in an instant”, citing it as against the company’s policies and “stupid and dangerous”.
Fast forward to 2021, and the banking giant CEO is still voicing his opposition to the cryptocurrency. During an interview at the World Economic Forum in Davos, Switzerland, he dismissed cryptocurrencies as having no real worth. “I believe all of that to be a waste of time,” he said. The comments come despite a surge in the crypto’s price, and a growing acceptance of cryptocurrencies as a valid asset class among investors.
Despite the criticism from one of the world’s most powerful banking executives, the crypto winter is slowly thawing and the industry’s prospects remain strong. With the continued growth of the industry, it remains to be seen whether Dimon will eventually come around to the idea of cryptocurrencies.