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JPMorgan CEO Jamie Dimon says his views on Bitcoin haven’t changed much

“My own personal advice to people is stay away from it. That does not mean the clients don’t want it. This goes back to how you have to run a business. I don’t smoke marijuana, but if you make it nationally legal, I’m not going to stop our people from banking it. I don’t tell people how to spend their money.” JPMorgan CEO Jamie Dimon said on May 27 House Financial Services Committee when Republican Congressman Warren Davidson asked about how his views on Bitcoin have changed .

Jamie Dimon, CEO of JPMorgan

In September 2017, the CEO of the largest U.S. bank told Bloomberg that he would fire any employee trading bitcoin for being stupid.

“The cryptocurrency won’t end well, predicting it will eventually blow up. It’s a fraud and worse than tulip bulbs.”

But in January 2018, in an interview with FOX Business, Dimon said:

“The bitcoin to me was always what the governments are gonna feel about bitcoin as it gets really big, and I just have a different opinion than other people. I’m not interested that much in the subject at all.”

“The blockchain is real. You can have crypto yen and dollars and stuff like that. ICO’s you have to look at individually,” the CEO told Fox Business.

In a Monday note, JPMorgan’s head of interest-rate derivatives strategy, Josh Younger said that although the recent run-up in the total cryptocurrency market capitalization was more gradual than the 2017-2018 cycle, the unwind bears some resemblance to the collapse.

He says: “We continue to see evidence of resilient microstructure in cryptocurrency markets: the volatility spike appears somewhat regionally localized, market depth is down but has not cratered despite these moves, and derivatives pricing has managed to adjust quickly enough to retain a decent fraction of the levered long base. This all argues against the view that we are in the midst self-reinforcing vicious cycle of price declines-a classic run scenario.”

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