Jamie Dimon says if you’re ‘stupid’ enough to buy bitcoin, you’ll pay the price one day
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.”
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