JPMorgan CEO Jamie Dimon calls Bitcoin is ‘worthless’ unlike his bank

    13 Oct 2021

    JPMorgan Chase CEO, Jamie Dimon, said at a conference on October 11 that cryptocurrencies should be regulated by governments and that he personally sees Bitcoin “worthless.”

    Speaking at a virtual event hosted by the Institute of International Finance, Jamie Dimon referred to banking regulations in a conversation held virtually by the Institute of International Finance, saying:

    “No matter what anyone thinks about it, the government is going to regulate it. They are going to regulate it for anti-money laundering purposes, for Bank Secrecy Act purposes, for tax.”

    Claiming that his view on crypto differs from its bank and JPMorgan board, Dimon said he remains skeptical, the New York Post noted.

    “I personally think that Bitcoin is worthless,” he claimed. “But I don’t want to be a spokesman for that; I don’t care. It makes no difference to me.”

    “I don’t think you should smoke cigarettes either,” JPMorgan CEO continued, adding: “Our clients are adults. They disagree. If they want to have access to buy or sell Bitcoin – we can’t custody it – but we can give them legitimate, as clean as possible access.”

    Dimon has known as a vocal critic of Bitcoin, previously calling it a “fraud” and “fool’s gold” and at one point saying that he would fire JPMorgan traders if they traded in it. But despite his strong skepticism, JPMorgan has begun offering its clients access to a half dozen cryptocurrency products.

    This summer, JPMorgan gave wealth management clients access to cryptocurrency funds, which means the bank’s financial advisers can accept, buy and sell orders from clients for five cryptocurrency products.

    Recently, the White House has had a heightened focus on regulating crypto markets. As Bloomberg reported Friday, the Biden administration is weighing an executive order that would direct federal agencies to study and offer recommendations on crypto.

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