The CEO of world 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 longer term?” 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 shall be round long run, Dimon stated: “I’ve all the time believed it’ll be made unlawful someplace, like China made it unlawful, so I believe it’s somewhat little bit of idiot’s gold.”
A number of regulators have equally stated 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 haven’t 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, haven’t any intrinsic worth both.”
Dimon was additional requested whether or not governments ought to regulate bitcoin. “Sure,” he exclaimed, including: “They must. You possibly can’t regulate the whole lot a financial institution does when it comes to shifting cash and never regulate what you’d name cash.” The JPMorgan government elaborated:
You possibly can 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 known as BTC a fraud again in September 2017 however later regretted making the assertion. In Might, he suggested folks 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 stated that numerous its purchasers noticed cryptocurrency as an asset class and so they needed to spend money on it. By August, JPMorgan was providing six cryptocurrency funding funds to purchasers.
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