Bitcoin could rise 10x in five years, says JPMorgan CEO
While Jamie Dimon has not yet changed his stance on BTC, he still did not discount the possibility for BItcoin’s value to rise by 10 times in five years.
Mon, 27 Sep 2021, 15:46 pm UTC
JPMorgan Jamie Dimon is known for being a long-time Bitcoin critic and has made some negative remarks about the crypto over the years. While he has not yet changed his stance on BTC, he still did not discount the possibility for BItcoin’s value to rise by 10 times in five years.
In an interview with the Times of India, Dimon revealed that he has not changed his stance on the crypto and is even dismissive of it. “I don’t really care about Bitcoin,” he said. “I think people waste too much time and breath on it.”
The JPMorgan CEO also believes that crypto regulation is inevitable. However, it’s still unclear which regulatory body will be tasked with its oversight as it will depend on how it will be defined.
“But it is going to be regulated, governments regulate just about everything,” he added. “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. I don’t know if it's securities law, but they’re going to do it.”
Dimon believes that regulation might dampen the market to some extent. “That will constrain it to some extent,” he added. “But whether it eliminates it, I have no idea and I don’t personally care. I am not a buyer of bitcoin.”
Despite not being personally involved in the market, the JPMorgan CEO said that it’s not impossible for BTC’s price to increase ten-fold in half a decade. “That does not mean it can't go 10 times in price in the next five years,” Dimon said.
He also warned that there’s speculation in the market and even alluded to the tulip mania in the 17the century and the internet bubble in the late 90s. “We all know about tulip bulb,” he said. “We all know about internet stocks. Speculation happens to every market across the world, including the communist countries.”
Due to speculation causing price volatility, Dimon cautioned those who plan to invest in Bitcoin using borrowed money. “I think if you borrow money to buy bitcoin, you’re a fool,” the CEO said.
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