The debate about the viability of cryptocurrencies is still ongoing. In his recent speech at a congressional hearing, Chief Executive Officer of JPMorgan Jamie Dimon advised investors to be wary of Bitcoin (BTC/USD). “My own personal advice to people is to stay away from it,” he stated while responding to Congressman Warren Davidson, who is passionate about cryptocurrencies.
Crypto assets are inferior to traditional assets
Dimon stated that cryptocurrencies are far inferior to traditional assets and the former cannot survive due to its underlying issues.
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He also called on authorities and regulators to increase their scrutiny on digital assets. Dimon stated,
Something that’s not supported by anything, I do not believe has much value.
Stabecoins and blockchain exempted
While pointing out his dislike for Bitcoin, Dimon has a different opinion about stablecoins and blockchain, stating that those two “aren’t in that camp.”
He also says his opinion about Bitcoin isn’t a yardstick for his company’s decision to embrace crypto or not.
Although his view against crypto has not changed over the year, the tone has changed slightly. In the past, he stated categorically that JPMorgan will have nothing to do with crypto assets.
But JP Morgan is contemplating making Bitcoin available in some safe way, due to the pressure of investors.
Increased mainstream interest in crypto
Chief Executive Officer of Goldman Sachs David Solomon also spoke at the congressional hearing. He admitted that there has been an increased interest in Bitcoin and other crypto-assets by clients in the company.
He stated that both individuals and institutions are looking to get exposure to Bitcoin, he said while replying to Congressman Josh Gotheimer.
As a result, he stated that the company has resolved to help their clients with information around the “potential asset class.”
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