Jamie Dimon says if you're 'stupid' enough to buy bitcoin, you'll pay the price one day

16.10.2017 / 09:12

Rating:

JPMorgan Chase Chairman and CEO Jamie Dimon can't stop talking about bitcoin.

"If you're stupid enough to buy it, you'll pay the price for it one day," Dimon said in response to a moderator question at an Institute of International Finance conference Friday.

The CEO said he could care less about what bitcoin trades at. "The only value of bitcoin is what the other guy'll pay for it," Dimon said. "Honestly I think there's a good chance of the buyers out there are out there jazzing it up every day so that maybe you'll buy it too, and take them out."

Bitcoin hit a record high Friday above $5,800, up more than six times in price for the year.

On Thursday, Dimon said during a post-earnings conference call with media that he's "not going to talk about bitcoin anymore." The executive called bitcoin a "fraud" in September and said it "won't end well."

But the outspoken captain of industry apparently couldn't help himself.

Dimon did add on Friday that he believed the blockchain technology behind bitcoin was valid, but he does not understand the value of "non-fiat" digital coins, that is, digital currencies that are not backed by a government.

"Who cares about bitcoin? The world economy is so big," Dimon said, noting the bank moves about $6 trillion in money around the world every day.

In comparison, bitcoin only has a market capitalization of less than $100 billion. Twenty-four hour trading volume in bitcoin-U.S. dollars was $3.7 billion Friday, according to CoinMarketCap.

"This is the last time I'm ever going to answer any questions about bitcoin, because I really don't care," Dimon said on Friday.

"When I made that 'stupid statement' [calling bitcoin a] fraud, my daughter sent me an email saying, 'Dad, I own two bitcoins,'" Dimon then joked, "My formerly smart daughter."

Source: Bloomberg Pro Terminal

Jr Trader Alexander Kumanov

Varchev Traders

Read more:

RECCOMEND WAS THIS POST USEFUL FOR YOU?
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.

WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.

Varchev Finance

Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.

Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006

The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Disclaimer:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Jamie Dimon says if you're 'stupid' enough to buy bitcoin, you'll pay the price one day

London

Universal numbers