Bitcoin

JPMorgan CEO Jamie Dimon Says Bitcoin Isn’t His Cup of Tea

Nick Chong | Nov 19, 2020 | 10:00

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Bitcoin Is Still Not Jamie Dimon’s Thing

Jamie Dimon, CEO of JPMorgan, is still not convinced of Bitcoin. He said in a recent speech/presentation at the New York Times’ Dealbook Online Summit that Bitcoin is still not his “cup of tea,” adding that he doesn’t want the media or anyone else to get up in a fuss over this.

In the video posted on Twitter, it isn’t exactly clear what prompted his comment on the cryptocurrency. Though, Andrew Ross Sorkin, who runs Dealbook, does cover Bitcoin and cryptocurrency on CNBC once in a while.

Bitcoin is "not my cup of tea," says Jamie Dimon, chief executive of JPMorgan Chase at the #Dealbook Online Summit https://t.co/kxmtVkes2d pic.twitter.com/gf5Ct2nc4O

— DealBook (@dealbook) November 18, 2020

Dimon elaborated to Sorkin that what he is interested in is “structured AML and KYC,” presumably referencing how the cryptocurrency doesn’t have any of that natively built in.

The Wall Street CEO added that while he isn’t interested in Bitcoin, he is interested in blockchain as a way to enable better consumer experiences, such as cheaper transactions.

Another prominent skeptic of Bitcoin is Ray Dalio, a billionaire hedge fund manager. Dalio co-manages Bridgewater Associates, the world’s largest hedge fund. The investor is often seen on a similar level to Warren Buffett. Dalio recently stated on Bitcoin:

“They are that 1) Bitcoin is not very good as a medium of exchange because you can buy much with it (I presume that’s because it’s too volatile for most merchants to use, but correct me if I’m wrong)… it’s not very good as a store-hold of wealth because it’s volatility is great and has little correlation with the prices of what I need to buy so owning it doesn’t protect my buying power.”

Of note, Dimon has staffers working for him that are bullish on the leading cryptocurrency.

BTC Has Wall Street Supporters

While Dimon and Dalio may be skeptical of Bitcoin, the cryptocurrency is gaining traction on Wall Street.

Paul Tudor Jones, a billionaire investor, wrote in May on Bitcoin:

“One thing that piqued my interest from this list of assets, and that one day might be brought to prominence by the GMI, is Bitcoin. Truth in advertising, I am not a hard-money nor a crypto nut. I am not a millennial investing in cryptocurrency, which is very popular in that generation, but a baby boomer who wants to capture the opportunity set while protecting my capital in ever-changing environments. One way to do that is to make sure I am invested in the instruments that respond first to the massive increases in global money. And given that Bitcoin has positive returns over the most recent time frames, a deeper dive into it was warranted.”

Other billionaire investors are starting to buy the cryptocurrency as they see it as a hedge against the ongoing macroeconomic trends affecting investors.

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