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Jamie Dimon, CEO of investment bank J.P Morgan Chase, has been put in the spotlight again after he was asked for his opinion on cryptocurrency, Fortune reported. The CEO has been one of the staunchest critics of Bitcoin (BTC) in the past, calling it a fraud and calling out the U.S. government to ban the digital cash altogether.
In his recent interview on CNBC’s "Squawk Box," however, Dimon’s remarks were more subdued. “I – I don’t wanna be the Bitcoin spokesman,” he slightly stammered. “You know, just beware.” The CEO has since regretted his negative statements about BTC in the past but it seems he’s holding on to the sentiment based on his measured answer.
The interview also featured American business magnate Warren Buffett. He was asked the same question and gave the same negative remarks about Bitcoin he made previously.
In early May, the billionaire investor said that Bitcoin is not an investment as it doesn’t possess an intrinsic value, unlike bonds, stocks and real estate. "If you buy something like Bitcoin or some cryptocurrency, you don't have anything that is producing anything," Buffett explained during his talk with Yahoo Finance. "You're just hoping the next guy pays more. And you only feel you'll find the next guy to pay more if he thinks he's going to find someone that's going to pay more.
Buffet went on to say that Bitcoin and other cryptocurrencies are looking at a bleak future. As of this writing, BTC is trading at $7,636, failing to regain its $8,000 foothold a few months back.
Speculations about the digital cash are varied, with some predicting its value will skyrocket beyond the $19,000 limit it had in December 2017, while others are saying it will meet a similar fate as Napster. Of course, all of these remain speculations and the future of Bitcoin and other cryptocurrencies is still anyone’s guess.
