Wednesday, January 19

Jamie Dimon, the CEO of JPMorgan, again lashes out at bitcoin even though it is increasing in value

Jamie Dimon, the president and CEO of JPMorgan Chase, stands by his position that he is not a fan of bitcoin, the largest cryptocurrency by market value and that is currently at the $ 57,000 levels, published CNBC Make It.

“I personally believe that bitcoin has no value”, Dimon said at an event organized by the Institute of International Finance on Monday. But, “I don’t want to be a spokesperson, I don’t care. I don’t care, ”said the banker.

“Our clients are adults. They disagree. That is what markets do. So if they want access to buy bitcoins, we can’t keep it, but we can give them legitimate access and as clean as possible”Explained Dimon.

The financier has remained steadfast in his anti-crypto perspective. CNBC recalls that in February 2019, JPMorgan said it would launch a digital currency called JPM Coin; in October 2020, the company created a new unit for blockchain projects; and by August, it began to give access to its wealth management clients to cryptographic funds.

A few days ago the head of JP Morgan told Axios CEO Jim VandeHei that bitcoin “has no intrinsic value.” And although he believes that bitcoin will exist in the long term, he thinks that it will always become illegal somewhere, like in China, which is why he believes that cryptocurrency “is a bit of a fool’s gold.”

Dimon also expressed to VandeHei that he believes that “Regulators will regulate (bitcoin) like hell”.

Dimon’s opinions are not far from the official position, as recently, the US government has focused more on regulating the cryptocurrency markets.

Last week Bloomberg reported that the Biden administration is considering an executive order allowing federal agencies to study and offer recommendations on the cryptocurrency market.

Although Jerome Powell, the chairman of the Federal Reserve, clarified in September that he does not intend to ban bitcoin in the United States.

For some specialists, well-thought-out regulation would be beneficial in the country: “If people want cryptocurrencies to become a more common asset, so I think (regulation is) a necessary first step”Said Anjali Jariwala, certified financial planner and founder of Fit Advisors.

On the other hand, supporters of cryptocurrencies are wary of more regulation, worrying that a framework that is not well defined could stifle cryptocurrency innovation in the US and boost business abroad.

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