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JPMorgan CEO Doesn’t Care If Bitcoin Grows 10X In Five Years
Bitcoin investing is arguably one of the most talked-about investment in the finance industry at present. The returns on the digital asset have seen people allocating more of their investment budgets to bitcoin. But for people who may not have as much fiat as they would like to invest in the asset, borrowing has been a way to get more money to invest.
Related Reading | Over $5 Billion In Bitcoin And Ethereum Moved From Cold Wallets Amid China Crackdown
Individuals are also not alone when it comes to borrowing to invest in bitcoin. Institutional investors have also historically borrowed to invest in BTC. A notable example of this is MicroStrategy, the leading institutional BTC investor, which borrowed $600 million back in February in order to buy more bitcoin. This has been a growing trend in the crypto market to borrow to invest. But JPMorgan CEO says borrowing to invest in bitcoin is foolish.
Don’t Borrow Money To Buy Bitcoin
In an interview conducted by the Times Of India, JPMorgan CEO Jamie Dimon talked about bitcoin. On its popularity, Simon said he believed that people were wasting “too much time and breath” on the digital asset, after stating that he does not care about the cryptocurrency. He revealed that he personally does not invest in the digital asset. Further stating, “I think if you borrow money to buy bitcoin, you’re a fool.”
BTC price trading above $42K | Source: BTCUSD on TradingView.com
The CEO also believes that the government will eventually regulate the cryptocurrency since they “regulate just about everything. Crypto regulation has recently been a hot topic for the SEC recently. And Dimon believes that though he’s not exactly sure how or under what umbrella cryptocurrencies will be regulated, the government will regulate it. This regulation, the CEO believes, will constrain the asset.
Asset May 10X In The Next Five Years
Since its inception, bitcoin has recorded tremendous success. The asset has grown over 400,000% since it was first launched a little over a decade ago. Its past growth lends credence to the future price predictions placed on bitcoin. And although not a big believer in the digital asset, the CEO believes that the digital asset has the potential to grow 10 times in the next five years.
Related Reading | JPMorgan Analysts Say That Big Money Are Dumping Bitcoin For Ethereum
However, the CEO notes that there is no telling where the asset might end up in the next couple of years. He cited other investments that were once hot on the market and how they are now worth nothing years later, such as internet stocks and the popular beanie babies.
Dimon also noted that speculation is bound to happen in every market and it is what drives financial markets. “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,” the CEO said.
Featured image from Seeking Alpha, chart from TradingView.com
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