Jamie Dimon: If You are ‘Stupid’ Enough to Buy Bitcoin, You’ll Pay the Price One Day


Jamie Dimon, the JPMorgan Chase Chairman and CEO, cannot stop talking about bitcoin.

“If you’re stupid enough to buy it, you’ll pay the price for it one day,” said Dimon in response to a moderator question during an Institute of International Finance conference on Friday.

The CEO said that he could care less regarding what bitcoin trades at. “The only value of bitcoin is what the other guy’ll pay for it,” Dimon said. “Honestly I think a lot of the buyers out there are out there jazzing it up every day so you’ll buy it too, and take them out.”

Bitcoin hit a record high Friday above $5,800, up by more than six times in price for 2017.

On Thursday, during a post-earnings conference call with media, Dimon said that he is “not going to talk about bitcoin anymore.” In September,  he called bitcoin a “fraud” and stated that it “won’t end well.”

Dimon did continue on Friday that he believed that the blockchain technology that was behind bitcoin was valid, but he doesn’t understand the value of “non-fiat” digital coins, that is, digital currencies which are not supported by a government.

“Who cares about bitcoin? The world economy is so big,” said Dimon, noting that the bank moves around $6 trillion in money around the world every day.

In comparison, Bitcoin has a market capitalization of less than $100 billion.

“This is the last time I’m going to answer any questions about bitcoin, because I really don’t care,” added Dimon.

“When I made that ‘stupid statement’ [calling bitcoin a] fraud, my daughter sent me an email saying, ‘Dad, I own two bitcoins,'” joke Dimon, “My formerly smart daughter.”