Bitcoin has no intrinsic value and it will be regulated, says the CEO of JPMorgan
Bitcoin has no intrinsic value and regulators are going to regulate the hell out of it, says Jamie Dimon the CEO of the JPMorgan investment bank. People are using crypto for tax avoidance, sex trafficking, and ransomware but it will be regulated with or without your likes.
Bitcoin has no intrinsic value:
Axios on HBO has published an interview of the CEO of the global investment network JPMorgan on Monday. Jamie Dimon was asked whether Bitcoin is the fool’s gold of the future or not? He answered the question by saying:
It’s got no intrinsic value, and regulators are going to regulate the hell out of it.
CEO admitted that the crypto market will be here for the long term and I have always believed that it will be baned someplace. He concluded the question by saying that it is a little bit of fool’s gold. The current CEO has been holding to its anti-crypto stance since 2017 and now has said that Bitcoin has no intrinsic value. Earlier in May 2021, Dimon has asked people to stay away from crypto.
Jamie Dimon is not the first person to express his anti-crypto stance, earlier, Jerome Powell (Federal reserve chairman), Christine Lagarde (European Central Bank), and Andrew Bailey (Bank of England Governor) have expressed that Bitcoin has no intrinsic value.
Dimon was also asked whether the governments should regulate Bitcoin? He said, “yes, they have to”. He further clarified that if you regulate everything a bank does, so you must regulate what you would call money. He further cleared its stance by saying that you can call bitcoin whatever you like but if people are using it for sex trafficking, tax avoidance, and ransomware, then it’s going to be regulated. It’s a factual statement, he added.
JPMorgan clients are interested in investing in the Bitcoin, CEO admitted. The investment bank is already offering six crypto tokens investment funds to the clients since August. Crypto has so much influence that people in the big chairs are unable to do anything against crypto despite having an anti-crypto stance.
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