Bitcoin News

Jamie Dimon says bitcoin is ‘a little bit of fool’s gold’

Jamie Dimon is the chairman and CEO of JPMorgan Chase. He remains skeptical about bitcoin, which is the largest cryptocurrency in terms of market value.

It has no intrinsic value. Dimon told Axios CEO Jim VandeHei that regulators will regulate it.

Dimon stated that bitcoin would be around for the long-term but that he believes it will be illegal somewhere. China made it illegal so I believe it’s a bit of fool’s Gold.

Dimon also stated that Bitcoin should be regulated. VandeHei was told by Dimon that they must. VandeHei said that you can’t regulate all the activities of banks in moving money. But, it’s possible to regulate cryptocurrency.

Dimon stated that you can call it a security, an asset, or something similar, but if it is being used for tax avoidance, sex trafficking, and ransomware it will be regulated regardless of your opinion.

The regulation of cryptocurrency markets has been a major focus for the U.S. government in recent years. The Wall Street Journal reported that the Biden administration had announced plans to take action and sanction infrastructure that facilitates ransomware attacks.

Chairman of the Securities and Exchange Commission Gary Gensler has repeatedly mentioned plans in creating a set of rules for the industry.

Some financial experts argue well-thought-out regulations would benefit the U.S.

Cryptocurrency supporters, however, are wary about further regulation. The crypto community is concerned that certain regulatory guidelines could stifle innovation in crypto and encourage business to move overseas.

Dimon, for his part, has remained firm in his anti-crypto outlook. Dimon stated that he was not a bitcoin supporter during The Wall Street Journal CEO Council summit. I don’t care much about bitcoin. It is not something I am interested in.

He said that JPMorgan Chase clients are interested and that he doesn’t tell them what to do.

JPMorgan Chase announced in February 2019 that it would launch a digital currency called JPM Coin. In October 2020, the company established a new unit to support blockchain projects. CNBC reported that it began giving its wealth management clients crypto funds.

According to CoinMarketCap, Bitcoin trades at $47.576 and has a market capitalization of more than $896 billion.