JPMorgan Chase CEO Claims He ‘Doesn’t Take Any’ Joy in Crypto’s Collapse

JPMorgan Chase CEO Claims He ‘Doesn’t Take Any’ Joy in Crypto’s Collapse

Speaking on sidelines of the World Economic Forum in Davos, Jamie Dimon, the Chairman, and CEO of JPMorgan Chase said in an interview on CNBC's pre-market morning show "Squawk Box" that he took no satisfaction in seeing the price of Bitcoin (BTC) fall around 80% from its all-time high reached in December 2017.

During the interview, when asked if Bitcoin is better than marijuana stocks, Dimon noted: “that it is, but we’re not banking pot either.” In February 2018, JPMorgan had banned the purchase of cryptocurrency with their credit cards.

Dimon has previously termed bitcoin a "fraud" and warning investors that if they were "stupid enough to buy it" they would "pay the price one day."

According to Dimon “Blockchain is a real technology — it’s just a database we can all access that’s kept up-to-date,” he said, adding that the media was partially to blame for all the hype surrounding cryptocurrencies.

However, Bitcoin has failed to stage a recovery. Since its peak in December 2017, the cryptocurrency has fallen 82 percent, according to data from CoinDesk.