Fun

JPMorgan CEO: Bitcoin Has No Intrinsic Value, Regulators Will ‘Regulate the Hell out of It’

News Feed - 2021-10-05 11:10:52

JPMorgan CEO: Bitcoin Has No Intrinsic Value, Regulators Will "Regulate the Hell out of It"


The CEO of global investment bank JPMorgan, Jamie Dimon, says that bitcoin has no intrinsic value and “regulators are going to regulate the hell out of it.” He emphasized: “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.” JPMorgan’s Boss on Bitcoin and Crypto Regulation


JPMorgan Chase chairman and CEO Jamie Dimon continued to express his anti- bitcoin and crypto stance in an interview with Axios on HBO, published Monday.


Dimon was asked whether bitcoin is “the fool’s gold of the future?” The JPMorgan boss replied: It’s got no intrinsic value, and regulators are going to regulate the hell out of it.


While admitting that the cryptocurrency will be around long term, Dimon said: “I’ve always believed it’ll be made illegal someplace, like China made it illegal, so I think it’s a little bit of fool’s gold.”


Several regulators have similarly said that bitcoin has no intrinsic value, including European Central Bank (ECB) President Christine Lagarde, Federal Reserve Chairman Jerome Powell, and Bank of England Governor Andrew Bailey. In comparison, many have also pointed out that fiat currencies also have no intrinsic value. A report published by the Federal Reserve Bank of St. Louis states: “State monopoly currencies, such as the U.S. dollar, the euro, and the Swiss franc, have no intrinsic value either.”


Dimon was further asked whether governments should regulate bitcoin. “Yes,” he exclaimed, adding: “They have to. You can’t regulate everything a bank does in terms of moving money and not regulate what you would call money.” The JPMorgan executive elaborated: You can call it a security or an asset or something like that, but 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.


Dimon has long been a bitcoin and crypto skeptic. He called BTC a fraud back in September 2017 but later regretted making the statement. In May, he advised people to “stay away” from cryptocurrency.


While stating that he himself did not care about bitcoin, Dimon admitted that JPMorgan clients are interested. In July, the bank said that lots of its clients saw cryptocurrency as an asset class and they wanted to invest in it. By August, JPMorgan was offering six cryptocurrency investment funds to clients.


What do you think about JPMorgan CEO Jamie Dimon’s comments? Let us know in the comments section below. Coinbase Meeting With US Lawmakers to Discuss Crypto Regulatory Proposal REGULATION | 1 day ago US Lawmakers Urge Fed Chair Jerome Powell to Support Crypto Innovation REGULATION | 2 days ago Tags in this story Bitcoin regulation, Crypto regulation, Intrinsic Value, Jamie Dimon, jamie dimon bitcoin, JP Morgan, jpmorgan, jpmorgan bitcoin


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

US Treasury Official: We Don’t See That Crypto Could Be Used in Large-Scale Way to Evade Sanctions
US Treasury Official: We Don"t See That Crypto Could Be Used in Large-Scale Way to Evade Sanctions The U.S. Department of the Treasury does not see that cryptocurrency could be use
Solana beats Ethereum in weekly total fees for the first time — Research
Alex O’Donnell6 hours agoSolana beats Ethereum in weekly total fees for the first time — ResearchOn July 28, Solana topped $5.5 million in daily total fees, the highest for the network in three months.1154 Total view
The rise of DePINs: From noise pollution sensors to robo-cafes
Savannah Fortis12 hours agoThe rise of DePINs: From noise pollution sensors to robo-cafesDecentralize with Cointelegraph dives into the inner workings of DePINs and how they leverage blockchain to revolutionize real-worl
Saudi Arabia Princess on NFTs: ‘They Are the Next Medium of Artistic Expression’
Saudi Arabia Princess on NFTs: "They Are the Next Medium of Artistic Expression" Non-fungible tokens (NFTs) are a new medium of artistic expression that gives artists the freedom a
Ezra Reguerra12 hours agoUS Senate approves national defense bill that also targets crypto mixersAn amendment in the bill tightens oversight on institutions engaging in crypto trading.2756 Total views13 Total sharesListe
Chinese Regulator Investigates Firm’s Blockchain Efforts Amid Stock Surge
An obscure porcelain and education firm is under investigation by a top Chinese regulator after it became one of the most sought-after blockchain stocks last week. Guangdong Great W
Zhiyuan Sun9 hours agoWhat is the ZK industry up to? Rollups, multichain bridges and VCsAs an emerging technology, how can zero-knowledge proofs remedy many issues across the crypto space?3332 Total views4 Total sharesLi
Critics Claim Tesla Should Sell Bitcoin Position, Electric Vehicle Firm’s Shares Down 30% Since Buying
Critics Claim Tesla Should Sell Bitcoin Position, Electric Vehicle Firm"s Shares Down 30% Since Buying Ever since Tesla announced the company held $1.5 billion i
Moody’s Warns of Potential Financial Disruption Spillover Beyond US Banking Sector
Moody"s Warns of Potential Financial Disruption Spillover Beyond US Banking Sector Roughly ten days ago, the credit agency Moody’s Investors Service downgraded the U.S. banki
Institutions are more bullish on Ether than retail ahead of ETH ETF launch
Zoltan Vardai10 hours agoInstitutions are more bullish on Ether than retail ahead of ETH ETF launchEther’s price could double during the 2025 bull cycle, thanks to increased institutional interest introduced by ETH ETF
Bitoftrade: A New Anonymous Exchange to Leverage the Power of Crypto Trading
Bitoftrade: A New Anonymous Exchange to Leverage the Power of Crypto Trading press release PRESS RELEASE. On 10 March 2022, bitoftrade, a new decentralized crypto exchange entered t
Biggest Movers: QNT Climbs 10%, as ALGO and RUNE Rise Higher
Biggest Movers: QNT Climbs 10%, as ALGO and RUNE Rise Higher QNT climbed over 10% during today’s session, as RUNE and ALGO both rose by as much as 15% on Friday. This comes