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JPMorgan CEO Jamie Dimon Issues Warning About Investing in Crypto Notes ‘No Intrinsic Value’

JPMorgan Chase and Co’s (JPM.N) chief executive officer, Jamie Dimon, reveals his thoughts on the U.S. economy. Also, inflation, China, and cryptocurrency in an interview with CBS Boston.

Furthermore, JPMorgan CEO responds to whether young people should invest in crypto in reference to several commercials. Of course, which encourages investors to put money in cryptocurrencies, like commercial featuring Tom Brady and his wife Gisele Bundchen.

“I’m a skeptic,” JPMorgan CEO replies.
“I mean blockchain is real if we use it for certain things…”
“Parts of defi (decentralized finance) are real.”

However, the JPMorgan boss explains further.

“Cryptocurrency has no intrinsic value. You are basically buying a token…”
“Why it has a lot of that I don’t know, and I think there’s so much speculation taking place in…”
“stocks and securities and crypto and stuff like that. I would be very careful.”

Meanwhile, JPMorgan CEO says,
“I defend people’s right to do it in a free country. I’m not going to do it.”

More so, On Tuesday, JPMorgan CEO Dimon comments on cryptocurrency.
“It is not really a currency … It is hysteria,”

However, JPMorgan CEO is always a bitcoin skeptic as he says in October that bitcoin is “worthless,”. Thereby, questioning the cryptocurrency’s limited supply.

Also, He says regulators will “regulate the hell out of it.”

Recall, In May, he urges people to stay away from cryptocurrency.

Notwithstanding, the CEO of JPMorgan notes that his clients have interest in this asset class. Also, the bank is now offering some crypto investments to clients.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.