“Cryptocurrency has no intrinsic value,” Dimon said in an in interview Wednesday with CBS Boston, as reported by Bitcoin.com. “You are basically buying a token.”
“There’s so much speculation taking place in stocks and securities and crypto and stuff like that. I would be very careful,” he added.
The longtime JPMorgan Chase JPM, 0.03% chief executive said he defends people’s right to participate in cryptocurrency but added, “I’m not going to do it.”
Dimon’s comments came in response to a question about TV commercials encouraging cryptocurrency investments and whether young people should put their money into it.
Dimon said he remains doubtful about cryptocurrency, but added that blockchain technology may have a place in the financial system.
“I mean blockchain is real if we use it for certain things,” Dimon said. “Parts of defi [decentralized finance] are real.”
The comments came just a few weeks after Dimon said bitcoin is worthless at an Institute of Finance event.
JPMorgan Chase and other banks have been providing access to crypto funds for their wealth management customers.
JPMorgan Chase is also currently advertising to hire people for its software engineering group to build up activities in “collateral blockchain tokenization.”
Dimon’s comments on cryptocurrency in Boston took place at around the same time he appeared last week at Boston College and said he regretted a comment he made in jest about the bank outliving the Chinese Communist Party on a trip to Hong Kong earlier this month.