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Money JPMorgan CEO: Bitcoin offers great potential - yet no personal interest

09:20  11 october  2021
09:20  11 october  2021 Source:   finanzen.net

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JPMorgan CEO Jamie Dimon, who once famously labeled Bitcoin a “fraud,” might have softened his stance since then—but he remains a crypto skeptic. I have no interest in it.” Dimon, however, conceded that his opinion of Bitcoin is at odds with that of JPMorgan ’s clients, stating that, “On the other hand, clients are interested and I don’t tell clients what to do.” Last year, the Dimon-led investment bank approved banking accounts for crypto exchanges Coinbase and Gemini, while also operating its own blockchain-based digital currency, JPM Coin—a stablecoin designed to enable

Bitcoin jumped above the market cap of trillion this week for the first time since May 2021. According to JPMorgan , the rising interest from institutional investors played a major role in the latest BTC rally. The recent rise of the Lightning Network and 2nd layer payments solutions was helped by El Salvador’s bitcoin adoption and the re-emergence of inflation concerns among investors has renewed interest in the usage of bitcoin as an inflation hedge,” JPMorgan said in the research note.

, even if Bitcoin & Co. encountered at the beginning especially for banks for rejection, the credit institutions had to see that the Kyptotrend does not pass as soon as possible. Accordingly, more and more traditional credit institutions participate in the trade in the coins, including JPMorgan. Nevertheless, CEO Jamie Dimon still does not last much much of the Krypto-Urgestein Bitcoin.

TORU YAMANAKA/AFP/Getty Images © Provil by Finanzen.net Toru Yamanaka / AFP / Getty Images

• Krypto trend inevitably also achieves traditional credit institutions

• JPMorgan with pioneering role in the Krypto Business

• Nevertheless no interest from CEO Dimon

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JPMorgan CEO Jamie Dimon, who once famously labeled Bitcoin a “fraud,” might have softened his stance since then—but he remains a crypto skeptic. Dimon, however, conceded that his opinion of Bitcoin is at odds with that of JPMorgan ’s clients, stating that, "On the other hand, clients are interested and I don't tell clients what to do." Last year, the Dimon-led investment bank approved banking accounts for crypto exchanges Coinbase and Gemini, while also operating its own blockchain-based digital currency, JPM Coin—a stablecoin designed to enable instant transfer of value between

“ Bitcoin ’s allure as an inflation hedge” is drawing institutional investors back to the crypto market, JPMorgan ’s Nikolaos Panigirtzoglou wrote in an Oct. 6 research note to clients. Bitcoin prices have surged above ,000 recently, climbing 85% this year, while the price of ether, the native currency of the Ethereum blockchain, has rose 393% year-to-date. Meanwhile, gold prices are hovering below ,800 per ounce, falling 6.5% in 2021.

Krypto Trend has also achieved banks

At the beginning of the trend for crypto currencies such as Bitcoin , Ether & Co., the digital assets were criticized above all of numerous banks. Although this rejection may only be a little surprise - after all, cyberdours were launched as a counter-draft to traditional monetary transactions - deal with increasing demand for and after classical credit institutions with crypto currencies.

JPMorgan increases an

in Krypto trading as well as the US large bank JPMorgan . Like "Business Insider" reported in August, the Cashupy - by means of an agreement with the Krypto Platform New York Digital Investment Group - secured access to six passively managed crypto funds for its customers. Thus, JPMorgan occupies a pioneering role and can boast the first major US banks that enabled their private clients access to trade with bitcoin and consorts. Competitors restrict access to similar commercial products according to the "Bitcoin Magazine" only on very wealthy customers, not so JPMorgan.

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The JPMorgan Bitcoin funds could be launched as soon as possible as this summer. The bank plans to offer an actively managed Bitcoin fund, which is a significant break from the passive fare offered by crypto industry supporters like Galaxy Digital and Pantera Capital, which allow wealthy clients to purchase and hold Bitcoin through funds without ever touching it themselves. Although Dimon is still not a Bitcoin supporter and has no interest in it, he admits that JPMorgan clients might force the bank to offer services associated with the cryptocurrency. Image source: Shutterstock.

CEO holds ten times BTC value for possible

in the interview with the "Times of India" JpMorgan-CEO Jamie Dimon also expressed very optimistic about the further price history of the Bitcoin. - bitcoin action with plus 500 - that's how it works. 72% of private investor accounts lose money if you are using this provider CFDS . You should carefully check if you can afford to take the high risk of losing your money. - So it is quite possible that the internet coin in the next five years rang to ten times your current value. Most recently, a Unity of Krypto-Verygestein was traded on the CoinmarketCap platform at around 55,200 US dollars (as of 10 October 2021).

Comparison with Tulip Manie, Beanie Babies and Internet Shares

Despite this optimistic forecast, as well as the Krypto Assortment of its Bank, the connector itself has no interest in the digital currency, as he continues. "I'm not really interested in Bitcoin," says Dimon. "I think people waste too much time." For example, the CEO criticizes that the Bitcoin was clearly speculative and compares the asset with the tulip mania, trade in the plush animals "Beanie Babies" and the hype for Internet shares. "Speculation is available on every market in the world, including in communist countries. Therefore, I do not understand why so much speculation encounters proliferation, especially if the system contains so much liquidity."

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JPMorgan CEO Jamie Dimon, who once famously labeled Bitcoin a “fraud,” might have softened his stance since then—but he remains a crypto skeptic. I have no interest in it.” Dimon, however, conceded that his opinion of Bitcoin is at odds with that of JPMorgan ’s clients, stating that, "On the other hand, clients are interested and I don't tell clients what to do." Last year, the Dimon-led investment bank approved banking accounts for crypto exchanges Coinbase and Gemini, while also operating its own blockchain-based digital currency, JPM Coin—a stablecoin designed to enable

Bitcoin (BTC) has staged an impressive rally since falling to ,000 on September 21. Its value has skyrocketed to ,000 in the last couple of weeks, gaining 35% in value. This lift, says investment bank JPMorgan , can be attributed to a surge of institutional investors backing BTC over gold amid fears of inflation. It’s a far cry from comments earlier this year when JPMorgan analysts warned customers that investors were leaving BTC behind for gold because of BTCs volatility. Analysts identified three main factors behind the rise in BTC price and the reason behind the investment switch.

Other regulars probably

In addition, Dimon assumes that the bitcoin must expose more and more regulars, as is currently the case in China. "Governments regulate almost everything," explains the JPMorgan boss. "I do not know if [at the Bitcoin] is an asset. I do not know if it's an currency trading . I do not know if it is a currency, I do not know if it is going to securities laws is, but you will regulate it. And that will limit it to some extent ". Whether the bitcoin is shattered at regulars in the long term, but is not foreseeable according to Dimon. In addition, this does not matter to the head of the big bank, as well as he further illustrates. "I'm not a buyer of Bitcoin. I think if you lend money to buy Bitcoin, you are a fool." Editorial Finanzen.net

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