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14 March 2024
JPMorgan CEO: I will never buy Bitcoin, but I support others’ right to do so

JPMorgan’s Chief Executive Officer, Jamie Dimon, stated that he will never buy bitcoins himself, but he supports the right of others to do so. In his address at the Australian Financial Review summit, Dimon also urged the Federal Reserve to postpone rate cuts until June. He expressed his views on cryptocurrencies, noting that many of their practical applications are associated with illegal activities such as human trafficking, fraud, and terrorism.

Dimon also expressed confidence in the prosperity of the U.S. economy, describing it as “almost a boom.” However, he warned against the widespread adoption of the soft landing idea by the markets. The JPMorgan CEO estimated the likelihood of a recession at around 65% and did not rule out the possibility of stagflation.

Dimon voiced concerns about the growth of debt and equity markets since late 2023, considering it akin to a bubble. He linked this growth to the “legacy of fiscal and monetary stimuli from the pandemic era, which still impact the system.”

The speech also highlighted that the head of JPMorgan believes it is necessary to strengthen the authority of the U.S. central bank in combating inflation, emphasizing that the regulator’s actions depend on macroeconomic data.

Dimon also shared his opinion on artificial intelligence, noting that his company is developing 400 use cases for this technology, and he himself uses AI for summarizing books in his daily life.