JPM chief says digital currency “has no actual value,” but likes the blockchain technology behind it; lender will wait until “the time is right” before re-applying.
"Jamie Dimon gets paid to worry about bitcoin because he's a rent-taker," said Mike Novogratz, a former principal and macro fund manager at Fortress Investment Group. "The decentralized revolution is about going after the rent-takers."
JPMorgan Chase joined Wall Street rivals in expressing a willingness to get involved with cryptocurrencies like bitcoin, which surged to a record on Thursday.
An increase in corporate loans, the highest lending margin in 4 1/2 years and record profit in asset management helped the lender top analysts’ estimates and offset trading and other challenges.
The comments by JPMorgan Chase CEO Jamie Dimon on bitcoin demonstrate a distinct lack of understanding of the reality that the virtual currency has an incredible value proposition.
China’s crackdown on cryptocurrency exchanges raises questions about the future of digital asset innovation, a movement that some bankers view as a threat and others embrace as a boon to payments, P-to-P lending and other activities.
JPMorgan Chase CEO Jamie Dimon predicted Tuesday that the market for bitcoin is on the verge of crashing, saying it was even worse than the infamous Dutch Tulip bubble.
JPMorgan Chase and Bank of America were among those institutions speaking out about President Trump's plan to terminate legal protections for young, undocumented immigrants who arrived in the country as children.
