JPMorgan CEO: Bitcoin Has No Intrinsic Value, Regulators Will ‘Regulate the Hell Out Of It’
JPMorgan Chase CEO Jamie Dimon has reiterated his disapproval of bitcoin, once again calling the cryptocurrency essentially worthless.
In an interview with Axios, the bank’s CEO and chairman said that bitcoin holds no intrinsic value, and that “regulators are going to regulate the hell out of it,” Dimon explained, adding that, “If people are using it for tax avoidance and sex trafficking and ransomware, it’s going to be regulated, whether you like it or not.”
Dimon’s latest string of critical commentary comes as bitcoin gains even more attention from mainstream financial institutions such as Deutsche Bank, Goldman Sachs, and even his own JPMorgan. Earlier this year, Dimon’s own bank become one of the first to launch a bitcoin fund, with the premise of giving its wealthier clients access to six major crypto assets.
Before that, in 2020, JP Morgan started its own blockchain and crypto division in an effort to have more oversight over the cryptocurrency.
Information for this briefing was found via Axios. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
