Chase President & CEO, Jamie Dimon, made headlines again today blasting bitcoin at the Institute of International Finance Conference.
In response to a moderator’s question regarding the cryptocurrency he said, “If you’re stupid enough to buy it, you’ll pay the price for it one day.” The CEO went on to explain some reasons why he’s against bitcoin but in favor of blockchain technology:
- Blockchain is a good technology and it’s useful for several things
- What I have an issue with is a non-fiat cryptocurrency
- I don’t personally understand the value of something that has no value
- The only value of Bitcoin is what the other guy will pay for it
- Governments are going to crush it one day
After a brief explanation on why he feels so strongly against bitcoin, Dimon admitted that even his own daughter owns some cryptocurrency, saying “When I made that stupid statement, my daughter sent me an email saying, ‘Dad I own two bitcoins.’”
The CEO’s latest remarks come on the heels of a 30% surge in the price of bitcoin to an all-time high around $5700. In addition to China’s ban on ICOs, Dimon’s comments on bitcoin last month calling it a “fraud” and a “scam” were widely believed to be one of the reasons for the coin’s price volatility.