The CEO of worldwide funding financial institution JPMorgan, Jamie Dimon, says that bitcoin has no intrinsic worth and “regulators are going to control the hell out of it.” He emphasised: “If individuals are utilizing it for tax avoidance and intercourse trafficking and ransomware, it’s going to be regulated, whether or not you prefer it or not.”
JPMorgan’s Boss on Bitcoin and Crypto Regulation
JPMorgan Chase chairman and CEO Jamie Dimon continued to precise his anti- bitcoin and crypto stance in an interview with Axios on HBO, revealed Monday.
Dimon was requested whether or not bitcoin is “the idiot’s gold of the long run?” The JPMorgan boss replied:
It’s obtained no intrinsic worth, and regulators are going to control the hell out of it.
Whereas admitting that the cryptocurrency will probably be round long run, Dimon mentioned: “I’ve at all times believed it’ll be made unlawful someplace, like China made it unlawful, so I feel it’s somewhat little bit of idiot’s gold.”
A number of regulators have equally mentioned that bitcoin has no intrinsic worth, together with European Central Financial institution (ECB) President Christine Lagarde, Federal Reserve Chairman Jerome Powell, and Financial institution of England Governor Andrew Bailey. As compared, many have additionally identified that fiat currencies additionally don’t have any intrinsic worth. A report revealed by the Federal Reserve Financial institution of St. Louis states: “State monopoly currencies, such because the U.S. greenback, the euro, and the Swiss franc, don’t have any intrinsic worth both.”
Dimon was additional requested whether or not governments ought to regulate bitcoin. “Sure,” he exclaimed, including: “They must. You may’t regulate every thing a financial institution does by way of shifting cash and never regulate what you’ll name cash.” The JPMorgan government elaborated:
You may name it a safety or an asset or one thing like that, but when individuals are utilizing it for tax avoidance and intercourse trafficking and ransomware, it’s going to be regulated, whether or not you prefer it or not. So it’s not an ethical assertion. It’s a factual assertion.
Dimon has lengthy been a bitcoin and crypto skeptic. He referred to as BTC a fraud again in September 2017 however later regretted making the assertion. In Could, he suggested individuals to “keep away” from cryptocurrency.
Whereas stating that he himself didn’t care about bitcoin, Dimon admitted that JPMorgan purchasers have an interest. In July, the financial institution mentioned that a lot of its purchasers noticed cryptocurrency as an asset class and so they needed to put money into it. By August, JPMorgan was providing six cryptocurrency funding funds to purchasers.
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