The CEO of JPMorgan Chase still thinks Bitcoin is worthless – but his customers disagree

The CEO of JPMorgan Chase still thinks Bitcoin is worthless – but his customers disagree

Bitcoin's impressive performance has silenced several skeptics who, at least for the past few years, have had to admit that this cryptocurrency is worth investing in. Jamie Dimon, CEO of JPMorgan Chase, is NOT part of this group.

The well-known businessman has once again doubled down on his views on Bitcoin, claiming that in his view the cryptocurrency has no intrinsic value and he advises against considering it as a serious investment.

JPMorgan CEO hates Bitcoin but loves his pro-Bitcoin customers

However, Dimon recognized that his opinion is not the most popular today.

"Personally, I think Bitcoin is worthless. (However) our customers are adults (and) they disagree. That's what makes markets."

The JPMorgan CEO knows how to separate sentiment from business and assures that he now has no problem offering investment options to his Bitcoin-hungry clients given their high interest in cryptocurrencies:

“If they want access to buy Bitcoin, we can’t hold them, but we could give them legitimate access, as clean as possible.”

This small opening is already a significant change in Jamie Dimon's attitude. In 2017, the CEO of JPMorgan Chase claimed that he did not want any of his employees to trade Bitcoin, claiming that BTC was a scam “worse than tulip bulbs.”

"I would fire them immediately. For two reasons: It's against our rules and they're stupid. And both are dangerous."

The community reacts

Of course, the crypto community reacted quickly. In general, as is often the case when some skeptics express an opinion, die-hard Bitcoiners point out that BTC's appreciation over time has outlasted the most pessimistic predictions.

Tweet from Ryan Selkis comparing BTC's performance to Jamie Dimon's statements. Image: Twitter

Actually, a Compilation Posted by the website 99 Bitcoins notes that at least 431 high-level predictions were published ensuring that Bitcoin was doomed, with the earliest registered on December 15, 2010 and the most recent on September 28, 2021. Bitcoin is currently just a few thousand dollars away from reaching a new ATH, proving that (at least for now) the Bitcoin pessimists were wrong.

Another who ranted on Twitter was Michael Saylor, CEO of MicroStrategy, a software company with a large investment in BTC. Saylor said that likely the reason Dimon and other bankers are so frustrated with Bitcoin's historic rise is because they don't understand how Bitcoin works and what it does.

The critical question facing bankers and investors worldwide is: “Do you understand? #Bitcoin?” https://t.co/FdQcqXoZ02

– Michael Saylor⚡️ (@michael_saylor) October 11, 2021

And the Twitter username Plan B, known for its stock-to-flow model, shared a meme about how Dimon's bearish words tend to circulate before a bull run.

Meanwhile, Bitcoin remains stable around $57,000. It's not dead yet.

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