JPMorgan CEO Calls Bitcoin “Dirty” and “Expensive”

JPMorgan Chase CEO Jamie Dimon calls Bitcoin “dirty” and “expensive” during a speech at an Institute of International Finance meeting in Washington. The 66-year-old director of the investment bank goes on to say that he will “never” buy Bitcoin.

I don’t see the value

The ancient CEO of JPMorgan Chase indicates that he sees no value at all in decentralized currencies such as Bitcoin. Jamie Dimon is bullish about blockchain technology itself. The famous banker even expects that the technology has the potential to completely renew certain activities of banks.

So the absolute scarcity of Bitcoin is not appealing to Jamie Dimon, who is probably too old-fashioned to understand its value. After all, Bitcoin is and remains the first financial asset in the world with an absolute scarcity. The only asset in the world of which we know exactly how many are in circulation.

Doubts about the US economy

During the event, Dimon further spoke about the US economy. The bank executive has serious doubts about whether the Federal Reserve has what it takes to fabricate a so-called “soft landing”. At the same time, Jamie Dimon said he has “complete faith and total confidence” in Federal Reserve Chairman Jerome Powell.

The chairman of the Federal Reserve is, according to Dimon, an “individual of an extremely high caliber.” Jamie Dimon also predicts that the US interest rate still needs to rise above 4.5 percent to eventually tame inflation. In that scenario, according to Dimon, it is perfectly possible that the American stock markets still lose 30 percent of their value.

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For Bitcoin, that would mean a price drop to around $14,000 from this point. That would be a rate many people probably can’t bear. In that regard, there are still a few interesting months ahead for the industry.

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