JPMorgan Chief Jamie Dimon Calls Bitcoin Worthless, Backs Strong Regulatory Action

JPMorgan CEO Jamie Dimon is once again here with his Bitcoin rant lashing out at the world’s largest cryptocurrency. While speaking at the Institute of International Finance event on Monday, October 11, Dimon said: “I personally think that bitcoin is worthless”.

Dimon’s comments came just on the day as the BTC price surged past $57,000 levels. As of press time, Bitcoin (BTC) is trading at $57,273 with a market cap of $1.07 trillion. The world’s largest cryptocurrency has continued to show strength while the overall altcoin market remains under the selling pressure.

It looks like this is the beginning of the “Bitcoin Season” as many altcoin traders have also been shifting to BTC-weighted portfolio. While Dimon continues to remain critical of Bitcoin despite BTC’s solid performance, he noted that JPMorgan will continue to offer client access to Bitcoin amid strong demand.

He said: “I don’t want to be a spokesperson — I don’t care. It makes no difference to me. Our clients are adults. They disagree. That’s what makes markets. So, if they want to have access to buy yourself bitcoin, we can’t custody it but we can give them legitimate, as clean as possible, access”.

While the JPMorgan boss remains critical of Bitcoin, analysts at JPMorgan recently released a report stating that institutional players are preferring Bitcoin as an inflation hedge over Gold.

Besides, Jamie Dimon also backed regulatory action on Bitcoin and the crypto space in general. Dimon noted “regulators are going to regulate the hell out of it”.

He further added: “If people are using it for tax avoidance and sex trafficking and ransomware, it's going to be regulated, whether you like it or not. So it's not a moral statement. It's a factual statement. No matter what anyone thinks about it, government is going to regulate it. They are going to regulate it for (anti-money laundering) purposes, for (Bank Secrecy Act) purposes, for tax”.

As the bitcoin market continued to expand, Dimon has been proven false several times in the past. However, he may not be entirely wrong about his views on regulations.

The recent comment from some of the top U.S. lawmakers suggest that heavy crypto regulations might be coming soon. Recently, Fed Chairman Jerome Powell assured that the U.S. central bank won’t ban cryptocurrencies. However, he took a strong stand on crypto regulations. However, tech billionaire Elon Musk believes that the U.S. should avoid crypto regulations altogether.