JPMorgan CEO Jamie Dimon: Bitcoin Could 10X In 5 Years, But I Don't Care

JPMorgan Chase & Co. JPM CEO Jamie Dimon hasn’t changed his mind about Bitcoin BTC/USD, despite acknowledging its potential to increase significantly in value over the next few years.

What Happened: In a recent interview with The Times Of India, Dimon said he doesn’t “really care about Bitcoin” and believes that people “waste too much time and breath on it.”

“I am not a buyer of bitcoin. I think if you borrow money to buy bitcoin, you’re a fool,” Dimon said.

“That does not mean it can’t go 10 times in price in the next five years. But I don’t care about that,” he added.

The CEO went on to draw parallels between crypto assets and Beanie Babies that once sold for $2,000 apiece, tulip bulbs and internet stocks.

“Speculation happens in every market around the world, including in communist countries. So, I don’t know why there is a surprise with a lot of speculation, particularly when there’s as much liquidity in the system.”

Dimon is also certain in his belief that governments will regulate Bitcoin and that will constrain its success to some extent.

“But whether it eliminates it, I have no idea and I don’t personally care,” he said.

Earlier this year, JPMorgan moved to offer all of its wealth management clients access to crypto funds.

Analysts from the firm have also been actively monitoring crypto markets and publishing research reports on the rapidly evolving space. Most recently, the bank found that institutional investors are more interested in Ethereum ETH/USD than Bitcoin futures.

"This points to much healthier demand for Ethereum vs. Bitcoin by institutional investors," the analysts said in a report published last week.

BTC Price Action: At the time of writing, Bitcoin was trading at $43,324, down 0.02% over 24 hours. Ethereum was down 0.69% at $3,049.57. 

JPMorgan CEO Jamie Dimon. Benzinga file photo by Dustin Blitchok.