JP Morgan CEO Jamie Dimon got support from an unlikely source today – Jordan Belfort, better known as the "Wolf of Wall Street."
That said, Belfort – who plead guilty to stock fraud and money laundering in 1999 and went on to write a book called "The Wolf of Wall Street" (later made into a film) – doesn't think cryptocurrencies won't exist in some form or another necessarily.
"I'm not saying cryptocurrencies, there won't be one – there will be one – but there has to be some backing by some central governments out there," he told the publication.
His criticisms later shifted to the cybersecurity risks around holding bitcoin, as well as the fact that the code underlying the cryptocurrency, rather than any central authority or institution, controls the issuance of new coins in the system.
"I'm not saying you should or shouldn't buy bitcoin, but [what] I'm saying is I personally, myself, would be very, very careful about investing a lot of money in something that could vanish very quickly," he concluded.
Jordan Belfort image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.