Tech investment company Wamda Capital’s CEO, Fadi Ghandour, has suggested JPMorgan Chase head Jamie Dimon should learn more about Bitcoin and other digital currencies before making negative statements against them.
Dimon earlier said that the cryptocurrencies are just a “novelty” and are “worth nothing” and those who invest in them are stupid.
According to Ghandour, Dimon should realize that the cryptocurrencies and Blockchain technology are here to stay. He added that the conventional financial sector could gain a lot from the new era of financial technology (fintech).
“It is here to stay. Jamie Dimon need to recognize that before he talks about it from a fraudulent point of view. Talk to them, understand them, find a way to regulate them. Let’s not make big statements about something we don’t understand. Be humble, calm down, come down to earth and learn.”
Performance of Bitcoin
Ghandour, whose company manages the largest cryptocurrency wallet in the Middle East, delivered a speech about digital currencies at the World Bank in mid-October 2017 to show how the technology is being embraced worldwide.
Ghandour also claimed that investors in Bitcoin could get hurt badly if the leading virtual currency experiences a sudden crash. He added, however, that they should be left to make their own investment decisions.
“People could get hurt but also people are mature and can make their own decisions. If you want to be part of a bubble, you are part of a bubble. You understand the risk.”
Bitcoin, the biggest cryptocurrency in terms of market capitalization, reached a new record high price on October 21 and has experienced a huge price rally year-to-date.