JP Morgan’s Boss Jamie Dimon Says “Bitcoin Is Worthless” Faces Criticism

Jamie Dimon, the CEO of the world’s largest bank, has been a loud critic of digital currency, labelling it a “fraud” at one point before later apologising.


JPMorgan Chase & Co. CEO Jamie Dimon stated at a conference on Monday that cryptocurrencies will be regulated by countries and that bitcoin is “worthless” to him.

“No matter what anyone thinks about it, the government is going to regulate it. They are going to regulate it for (anti-money laundering) purposes, for (Bank Secrecy Act) purposes, for tax,” Stated Jamie Dimon

JPMorgan granted wealth management clients access to cryptocurrency funds this summer, allowing the bank’s financial advisers to take buy and sell orders for five bitcoin products from clients.

Dimon expressed his scepticism, stating that his opinions differ from those of the bank and its board of directors.

“I personally think that bitcoin is worthless,” Dimon said. “I don’t think you should smoke cigarettes either.”

“Our clients are adults. They disagree. 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,” he further added.

After his controversial statement, people associated with crypto market thrashed the so called boss badly on Twitter.

Dan Held the Director of Growth Marketing at Kraken challenged Dimon on his early prediction on bitcoin.

Anerican stand up comedian Tim Dillon wrote on Twitter:

Jamie Dimon just said Bitcoin was “worthless” but he would still “use it for kidnappings.”

Brian Cheung asked JP Morgan that how they know that everything will end at 21 Million.

ALLOWING FREEDOM OF INVESTMENT TO ITS CLIENTS

Given their significant interest in cryptocurrencies, JPMorgan CEO Jamie Dimon has stated that he has no problem presenting investing choices to his Bitcoin-hungry clientele.

Jamie Dimon’s attitude appears to have shifted significantly. JPMorgan Chase CEO Jamie Dimon said in 2017 that he didn’t want any of his workers to trade Bitcoin, calling it a “worse than tulip bulbs” and comparing it to “fool’s gold” earlier this year.

Despite Dimon’s views, JPMorgan started offering crypto assets to its wealth management clients in July 2021.

Bitcoin’s strong start to the week appears to have been aided by the CEO’s remarks, with the cryptocurrency edging closer than ever to a new all-time high.

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