Jamie Dimon is optimistic that global supply chain snarls will soon go away.
During a conference hosted by the Institute of International Finance, the billionaire CEO of JPMorgan Chase said that although frayed supply chains from the COVID-19 pandemic are still creating problems for consumers, he thinks those issues will resolve sooner rather than later.
“I should never do this, but I’ll make a forecast,” Dimon said on Monday. “This will not be an issue next year at all. This is the worst part of it. I think great market systems will adjust for it like companies have.”
JPMORGAN CEO JAMIE DIMON SAYS BITCOIN REGULATION IS INEVITABLE
During his appearance at the conference, Dimon expressed enthusiasm about the future of the U.S. economy. He said his prediction for increased economic growth is buoyed by U.S. consumers and their appetite for spending money, noting that people are spending 20% more now than before the pandemic.
“Keep in mind, the consumer’s buying other stuff,” the JPMorgan boss said. “They can’t buy cars, they’re buying home improvement. They can’t travel internationally, they travel domestically. The spend level is very high.”
Dimon, a longtime critic of cryptocurrencies, also drew headlines for once again deriding Bitcoin, which is soaring to near-record highs.
“I personally think that Bitcoin is worthless,” Dimon said.
Despite his reservations, the CEO said JPMorgan clients are still interested in cryptocurrency, and his firm offers them exposure to it.
“Our clients are adults. They disagree. That’s what makes markets,” Dimon said. “So, if they want to have access to buy yourself bitcoin, we can’t custody it, but we could give them legitimate, as clean as possible, access.”
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Bitcoin has been on a bull run this month after a mercurial summer.
The flagship cryptocurrency hit an all-time record in April, eclipsing $63,000 before falling to a trough of less than $30,000 in July. Since then, it has surged in value and is now over $57,000 for the first time since May.
