Jamie Dimon: no fan of bitcoin

It's not the technology that investment bank boss Jamie Dimon has a problem with. It's the cryptocurrency.

Jamie Dimon, the chief executive of investment bank JP Morgan Chase, is a big fan of the blockchain his bank is even investing in the technology, with the hope that it could save money on trading costs in the long run. However, he is definitely not a fan of bitcoin, the digital currency powered by blockchain. Indeed, he says that if he finds any of his traders betting on bitcoin, he will "fire them For two reasons: it's against our rules, and they're stupid."

Dimon admits that those who have invested in it so far have been very successful even his daughter "has made a lot of money investing in it, and now she thinks that she's some sort of genius". He's also not suggesting that you follow people like Jim Chanos, a famed short seller and investment manager, who has actively shorted it. He does think however that bitcoin, and similar cryptocurrencies, have become so overvalued that the mania can be compared to the "tulip fever of the 17th century".

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.