JPMorgan’s CEO Jamie Dimon Says BTC Isn’t His Cup Of Tea

JPMorgan’s CEO Jamie Dimon says that Bitcoin is not his cup of tea and he is still not convinced. He said in a recent presentation at the Online Summit of New York Times’ Dealbook that BTC is not his cup of tea, adding that he doesn’t want the media to make a fuss out of it so let’s read more in our latest Bitcoin news.

JPMorgan’s CEO Jamie Dimon is not convinced about Bitcoin but it’s still not clear what prompted his comment on the cryptocurrency. Andrew Ross Sorkin from DEalBook, covers BTC and crypto on CNBC often. Dimon explained to Sorkin that what he is interested in is “structured AML and KYC” quite possible referencing how the cryptocurrency doesn’t have anything natively built-in but the Wall Street CEO Added that he is not interested in BTC but he is interested in blockchain as a way to enable better consumer experiences like cheaper transactions.

Bitcoin is "not my cup of tea," says Jamie Dimon, chief executive of JPMorgan Chase at the #Dealbook Online Summit https://t.co/kxmtVkes2d pic.twitter.com/gf5Ct2nc4O

— DealBook (@dealbook) November 18, 2020

Ray Dalio, another prominent BTC skeptic, a billionaire hedge fund manager says:

 “They are that 1) Bitcoin is not very good as a medium of exchange because you can buy much with it (I presume that’s because it’s too volatile for most merchants to use, but correct me if I’m wrong)… it’s not very good as a store-hold of wealth because it’s volatility is great and has little correlation with the prices of what I need to buy so owning it doesn’t protect my buying power.”

Dimon on the other hand has staffers working for him who are quite bullish on the leading cryptocurrency. Dimon and Dalio are still skeptical about the number one cryptocurrency while it is gaining traction on Wall Street. Paul Tudor Jones wrote about BTC back in May:

 “One thing that piqued my interest from this list of assets, and that one day might be brought to prominence by the GMI, is Bitcoin. Truth in advertising, I am not a hard-money nor a crypto nut. I am not a millennial investing in cryptocurrency, which is very popular in that generation, but a baby boomer who wants to capture the opportunity set while protecting my capital in ever-changing environments. One way to do that is to make sure I am invested in the instruments that respond first to the massive increases in global money. And given that Bitcoin has positive returns over the most recent time frames, a deeper dive into it was warranted.”