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JPMorgan CEO Jamie Dimon warns buyer on cryptocurrency

JPMorgan CEO Jamie Dimon said that Bitcoin, the largest cryptocurrency as per market cap, is not supported by any assets.

JPMorgan CEO Jamie Dimon warns buyer on cryptocurrency
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JPMorgan CEO Jamie Dimon warns buyer on cryptocurrency

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At a virtual hearing hosted by the US House Committee on Financial Services, Dimon said that Bitcoin, the largest cryptocurrency as per market cap, is not supported by any assets. "Something that's not supported by anything I do not believe has much value. My own personal advice to people is to stay away from it," Dimon said.

Comparing crypto to traditional assets, Dimon said, "My own personal view is it's nothing like fiat currency, it's nothing like gold. Buyer beware."

The chief executives of the US' largest banks went in front of Congress for a second day on May 27, facing questions ranging from inflation to their efforts to keep Americans in their homes after government aid to pandemic-hit mortgage holders expires this summer.

Dwaipayan Bhattacharjee
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