JPMorgan CEO says bitcoin is “worthless” and is due for regulation

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Jamie Dimon, JPMorgan Chase & Co chief executive, said on Monday at a conference that he personally thinks bitcoin is “worthless,” and cryptocurrencies are due for regulation.

Jamie Dimon, JPMorgan Chase & Co chief executive, said on Monday at a conference that cryptocurrencies will be regulated by governments and that he personally thinks bitcoin is “worthless,” Reuters reported. “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,” JPMorgan’s CEO said.  

Jamie Dimon has been a vocal critic of bitcoin.

The head of the largest U.S. bank, Dimon, has been a vocal critic of the cryptocurrency, once calling it a fraud and then later saying he regretted the statement. Stating that his views are different from those of the bank and its board, the CEO said he remains skeptical. Earlier this year, JPMorgan gave wealth management clients access to cryptocurrency funds, meaning the bank’s financial advisers can accept buy and sell orders from clients for five cryptocurrency products. However, institutional investors have shown increased interest in bitcoin this year. 

“I personally think that bitcoin is worthless.”

I personally think that bitcoin is worthless,” Dimon said. “I don’t think you should smoke cigarettes either.” “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.” Bitcoin’s price showed no immediate reaction to Dimon’s comments. The world’s leading cryptocurrency was last up 1.7% for the day at $57,464. This year has been great for bitcoin as it saw its peak earlier when it reached nearly $65,000. 

Source: coinnounce.com

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