Jamie Dimon, CEO of J.P. Morgan Chase, and Warren Buffett, chairman and CEO of Berkshire Hathaway, are big names in the crypto world. Over the past year, both of them have spoken against Bitcoin publicly. Now, they are back with their thoughts and warnings regarding the cryptocurrency.
In an interview for CNBC’s segment “Squack Box”, Dimon said, “I don’t want to be a Bitcoin spokesman … Just beware.” When asked who hated Bitcoin more, Buffett said, “I set a high standard. I don’t know whether Jamie can top me or not.”
So, how did the hate begin?
In September 2017, Dimon called Bitcoin a fraud. “‘It’s just not a real thing, eventually it will be closed,” he added. He went on to explain that even his own daughter bought BTC and when the price increased, she thought she was a genius. However, Dimon didn’t stop speaking about the famous cryptocurrency. In the same month, he compared Bitcoin mania to tulip bulb mania; “It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed.” He also said that if he found out that any J.P. Morgan trader was trading BTC, then he would fire them.
However, earlier in 2018, Dimon clarified that his remarks on BTC were ‘stupid’. He still added that he “couldn’t care less about Bitcoin.”
While Dimon was softening his stance on the cryptocurrency, Buffett took the spotlight with his harsh criticism of BTC. “In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending,” he explained. Buffet then called Bitcoin “rat poison squared” in Berkshire Hathaway’s annual shareholder meeting in May 2018.
It appears that Dimon has decided to stop speaking about Bitcoin in an extremely negative manner. However, Buffett certainly still dislikes the idea of cryptocurrency and is not afraid to share it with the public.
Image Credit: JPMorganChase