Crypto valuations are the 'stuff that dreams are made of,' says J.P. Morgan asset management's Cembalest

A man walks past a bitcoin symbol in the window of a company that offers blockchain application services on Dec. 21, 2021 in Berlin, Germany. Bitcoin and other virtual currencies rose strongly in value in 2021.
Sean Gallup | Getty Images News | Getty Images

Michael Cembalest, chairman of market and investment strategy at J.P. Morgan Asset Management, said though they may be tempting, he's resisting buying any cryptocurrencies.