JPMorgan CEO says Bitcoin price could rise 10x but still won’t buy it

Jamie Dimon, CEO of JPMorgan Chase Investment Banking, spoke out against Bitcoins popularity in an interview with Times of India. He stated that the most popular digital asset could grow 10x within five years.

Dimon, a long-standing critic of Bitcoin (BTC), called it a fraud in 2017. He cited the reported ability for criminals to evade arrest by using BTC instead of U.S. dollars.

Dimon replied to Times of Indias question about whether Bitcoin and other cryptocurrency assets should either be banned or regulated.

“I don’t care that much about Bitcoin. It is a waste of time and energy. It will be regulated. […] This will limit it to a certain extent. It will not eliminate it. I dont know and I don’t care. Im not a Bitcoin buyer. It can go 10x in the next five year, but that does not mean it cannot.”

JPMorgan, however, has expressed an increasing interest in the development of and implementation crypto and blockchain initiatives over the last year.

The firm bought a 10% stake at MicroStrategy in January. MicroStrategys CEO Michael Saylor is one of the most prominent holders and investors in Bitcoin.

The firm posted multiple global job openings in July for engineers, marketers, and developers who are interested in blockchain technology. This division is responsible for the launch of JPM Coin, the stablecoin asset of the bank, in October 2020.

A recent report by JPMorgan subsidiary Counterpoint Global claims that it is looking into offering cryptocurrency investments for wealthy clients. This would be a significant endorsement for the rest the banking industry, with assets under management exceeding $150 billion.

Related: JPMorgan will provide crypto funds access for retail wealth clients

In an interview with Cointelegraph, in late 2020, Dimon was criticized for his dismissive views about digital assets. Keiser used a biological analogy in his dissatisfaction with Dimon.

“Bitcoin was born out of our collective global consciousness to defend against predatory central banks. Jamie Dimon is like a tapeworm and our species has no defense. With Gods help we all willed Bitcoin to existence to combat fiat money, fractional reserves banking, and Keynesian debtmoney propaganda.