(Yahoo!Finance) - JPMorgan CEO Jamie Dimon said that Bitcoin may rise 10 times in price in the next five years. The long-term Bitcoin critic also warned that it would be foolhardy to borrow money to buy Bitcoin.
Recently, the bank moved to give its wealth management clients access to cryptocurrency funds.
However, Dimon still claims he isn’t interested in owning a Bitcoin.
Dimon says Bitcoin is based on speculations
“I don’t know if it’s an asset. I don’t know if it’s a foreign exchange. I don’t know if it’s a currency,” he said.
“I don’t personally care. I am not a buyer of Bitcoin.
“I learned a long time ago – figure out what you want, do what you want and be successful yourself.”
He then went on to compare Bitcoin to the speculative tulip mania, a Beanie Babies craze and internet stocks.
In August, JPMorgan Chase signed a deal with the Bitcoin-focused institutional-grade platform New York Digital Investment Group to offer the passively managed Bitcoin fund.
Both Wells Fargo and JPMorgan also filed for passive Bitcoin funds for their wealthy clients, showing that, despite Dimon’s concerns, the banking sector is obviously not ignoring the growing demand for Bitcoin.
By Teuta Franjkovic
