Jamie Dimon says if you’re ‘stupid’ adequate to buy bitcoin, you’ll compensate a cost one day

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Jamie Dimon vocalization during a 2017 Delivering Alpha discussion in New York on Sept. 12, 2017.


JPMorgan Chase Chairman and CEO Jamie Dimon can’t stop articulate about bitcoin.

“If you’re foolish adequate to buy it, you’ll compensate a cost for it one day,” Dimon pronounced in response to a judge doubt during an Institute of International Finance discussion Friday.

The CEO pronounced he could caring reduction about what bitcoin trades at. “The usually value of bitcoin is what a other guy’ll compensate for it,” Dimon said. “Honestly we consider there’s a good possibility of a buyers out there are out there jazzing it adult each day so that maybe you’ll buy it too, and take them out.”

Bitcoin strike a record high Friday above $5,800, adult some-more than 6 times in cost for a year.

On Thursday, Dimon pronounced during a post-earnings discussion call with media that he’s “not going to speak about bitcoin anymore.” The executive called bitcoin a “fraud” in Sep and pronounced it “won’t finish well.”

But a outspoken captain of attention apparently couldn’t assistance himself.

Dimon did supplement on Friday that he believed a blockchain record behind bitcoin was valid, though he does not know a value of “non-fiat” digital coins, that is, digital currencies that are not corroborated by a government.



Jamie Dimon says he's not going to speak about bitcoin anymore


“Who cares about bitcoin? The universe economy is so big,” Dimon said, observant a bank moves about $6 trillion in income around a universe each day.

In comparison, bitcoin usually has a marketplace capitalization of reduction than $100 billion. Twenty-four hour trade volume in bitcoin-U.S. dollars was $3.7 billion Friday, according to CoinMarketCap.

“This is a final time I’m ever going to answer any questions about bitcoin, since we unequivocally don’t care,” Dimon pronounced on Friday.

“When we finished that ‘stupid statement’ [calling bitcoin a] fraud, my daughter sent me an email saying, ‘Dad, we possess dual bitcoins,'” Dimon afterwards joked, “My before intelligent daughter.”

Here’s a twin of some of Dimon’s comments:

“I could caring reduction about bitcoin. we don’t know since we pronounced anything about it. The blockchain is a record that is a good technology. We indeed use it. It will be useful in a lot of opposite things. Gold magnify a blockchain. Cryptocurrencies, digital currencies, we consider are also fine. JPMorgan moves $6 trillion around a universe each day, and we don’t do it in cash, it’s finished digitally. If it can be finished digitally with a blockchain, so be it. But it will still be a dollar cryptocurrency. What we have an emanate with is a non-fiat cryptocurrency. So crypto sterling, euro, yen, they are all fine. we don’t privately know a value of something that has no tangible value. You all can do whatever we wish and we don’t care.

“I could caring reduction what bitcoin trades for, how it trades, since it trades, who trades it. If you’re foolish adequate to buy it, you’ll compensate a cost for it one day. I’ve also told people that it can trade during $100,000 before it trades to zero. Tulip bulbs traded for $75,000 or something like that.

“The usually value of bitcoin is what a other guy’ll compensate for it. Honestly we consider there’s a good possibility a lot of a buyers out there are out there jazzing it adult each day so that maybe you’ll buy it too, and take them out.

“I utterly meant that by a way. People are unequivocally good during utilizing a press these days and removing news out. Every day, we have CNBC, nonstop bitcoin — Who cares about bitcoin? The universe economy’s so big, JPMorgan alone, $6 trillion, we pierce all this money, and bitcoin in total, all these currencies, $50 billion dollars, maybe a billion dollars trades a day.

“The other thing I’ve always [said] about bitcoin, governments — and this is not a technological matter — governments are going to vanquish it one day. Governments like to know where a income is, who has it and what you’re doing with it, in box we haven’t noticed. Right?

“And governments like to control their currency, like to control their possess economy. So China’s already put curbs on it. Japan, they contend Japan supposed bitcoin. No they didn’t. What we accumulate Japan did was they call it J-coin. It’s a yen cryptocurrency. It’s not a non-fiat [digital currency].

“People have pronounced legitimately ok, it’s tighten to gold. Not really. Gold is limited, it’s been around for along time. [People also contend bitcoin is] tighten to a fiat currency. Not really. A fiat banking is when a supervision says this is your authorised tender, we have to give it and accept it.

“And a executive bank — of march they can injustice it. The executive bank [can also] increase it. So there is a use box for bitcoin. If we live in Venezuela, North Korea, if you’re a criminal, good product. we meant that. It’s improved than income or deposits in that country. Cuba.

“But this is a final time I’m ever going to answer questions about bitcoin since we unequivocally don’t care.

“When we finished that ‘stupid statement’ [calling bitcoin a] fraud, my daughter sent me an email saying, ‘Dad, we possess dual bitcoins.’ My before intelligent daughter.”



Eventually governments will tighten down cryptocurrencies: JPMorgan CEO


Evelyn Cheng CNBCKayla Tausche

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