JPMorgan’s CEO says cryptocurrencies are far inferior to traditional assets.

In his recent speech at a congressional hearing, Chief Executive Officer of JPMorgan Jamie Dimon advised investors to be wary of Bitcoin. “My own personal advice to people is to stay away from it,” the banking giant CEO stated while responding to Congressman Warren Davidson, who is passionate about cryptocurrencies. Banks and other financial institutions are increasingly adopting cryptocurrencies. 

Cryptocurrencies are far inferior to traditional assets.

JPMorgan’s CEO stated that cryptocurrencies are far inferior to traditional assets, and the former cannot survive due to its underlying issues. Dimon also called on authorities and regulators to increase their scrutiny on digital assets. He stated, “Something that’s not supported by anything, I do not believe has much value.” While criticizing Bitcoin and other cryptocurrencies for having no intrinsic value, Dimon has a different opinion about stablecoins and blockchain, stating that those two “aren’t in that camp.” The CEO also said that his opinion about Bitcoin isn’t a yardstick for his company’s decision to embrace crypto or not. 

Goldman Sachs CEO: Increased interest in bitcoin from clients. 

Chief Executive Officer of another banking giant, Goldman Sachs, David Solomon, also spoke at the congressional hearing. He admitted that there had been an increased interest in Bitcoin and other crypto-assets by clients in the company. Solomon stated that both individuals and institutions are looking to get exposure to Bitcoin, he said while replying to Congressman Josh Gotheimer. As a result, he stated that the bank has resolved to help their clients with information around the “potential asset class.” Cryptocurrencies have gained massive mainstream exposure this year, following a positive rally starting this year. Major companies like PayPal and Venmo have started accepting cryptocurrencies, while many are contemplating the idea of exploring this space.