Tuesday 12 October 2021 6:47 am

JPMorgan CEO Jamie Dimon dismisses Bitcoin as 'worthless'

Jamie Dimon, JPMorgan Chase & Co chief executive, said last night at a conference by the Institute of International Finance that cryptocurrencies will be regulated by governments.

Dimon told listeners “I personally think that bitcoin is worthless.”

“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,” the JP Morgan chief continued, referencing the expanding involvement of regulators in the crypto space.

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Despite Dimon’s hesitancy JP Morgan’s wealth management division started offering exposure to crypto currencies earlier this year. In October 2020 the firm created a new unit for blockchain projects.

“I don’t think you should smoke cigarettes either,” Dimon said. “Our clients are adults. They disagree. That’s what makes markets. So if they want to have access to buy or sell bitcoin – we can’t custody it – but we can give them legitimate as clean as possible access.”

It comes after Dimon told VandeHei that he thinks “regulators are going to regulate the hell out of it,” rendering Bitcoin unusable.

Dimon even called Bitcoin a fraud back in 2017, three months before the price of Bitcoin shot up to $20k for the first time.

As yet unaffected by Dimon’s comments Bitcoin’s price has jumped 1.4 per cent in the past 24 hours to stand at $57.2k. Price remains 12 per cent below the king of crypto’s all time high of $64.8k reached earlier this year.

Read more: Bitcoin sceptic Jamie Dimon launches JP Morgan’s own cryptocurrency