Once again on Friday, Dimon criticized Bitcoin and other digital currencies. This time, he called them a "novelty" and said they are "worth nothing" during an interview with CNBC-TV18 in New Delhi, India.
Dimon has warned that governments will eventually crack down on cryptocurrencies and will attempt to control them by threatening anyone who buys or sells Bitcoin with imprisonment. That scenario, he says, would force digital currencies into becoming a black market.
Despite Dimon's recent criticism of Bitcoin it seems JP Morgan's customers disagree with Dimon's recent take on Bitcoin. In Europe, XBT, the currency code for Bitcoin, has seen increased buying from JPMorgan as a broker. Nordnet, a public record, shows that JPMorgan Securities and Morgan Stanley have invested close to 3 million euros in XBT shares.
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Bitcoin is gaining mainstream steam in Europe. Bitcoin Tracker One - SEK, an open-end Exchange-Traded Note (ETN) incorporated in Sweden, was the most traded ETNs and highest volume (out of 1000+) on Nasdaq OMX. The ETN is denominated in SEK and provides investors with access to the returns of the underlying asset, U.S. Dollar per bitcoin, less investor fees. And in the U.S., experts think a Bitcoin futures-based ETF, VanEck Vectors Bitcoin Strategy ETF, will likely be approved soon.
Amid this cryptocurrency momentum, Dimon has butted heads with other Bitcoin advocates. John McAfee, CEO of New York-based MGT Capital Investments and the founder of a antivirus software company, challenged Dimon last week.
Alex Gurevich, the CIO of HonTe Investments who formerly ran macro at JP Morgan, had a few heated words for Dimon in a tweet.
Jamie, you're a great boss and the GOAT bank CEO. You're not a trader or tech entrepreneur. Please, STFU about trading $BTC.— Alex Gurevich (@agurevich23) September 12, 2017
And though Dimon has threatened to fire JPMorgan employees who dabble in Bitcoin, others in the Bitcoin community have offered refuge to anyone who suffers should Dimon follow through with his threats. Last week, Daniel Master, director at Global Advisors Bitcoin Investment Fund PLC posted on LinkedIn: "JPMorgan Chase & Co. if Jamie fires anyone for trading bitcoin please be sure to send their resumes to me - we're hiring."
The battle comes full circle.
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