JPMorgan Chase chairman and CEO Jamie Dimon yet again voiced his cynicism over Bitcoin (BTC), dubbing the cryptocurrency “worthless” as a recent Institute of International Finance meeting.
Dimon has a fraught relationship with BTC and the cryptocurrency market. He is one of the most famous critics of the currency and has penned many obituaries.
Even though his objections had seemed reflect JPMorgan Chase's broader financial strategy, which started to involve cryptocurrencies years ago, the CEO seems to be defaulting to his original position, claiming that BTC is worthless again.
“I personally think that Bitcoin is worthless”, he said at the Institute of International Finance meeting. He described the relationship JPMorgan Chase and he have with BTC and argued that his personal opinions did not seek to cloud clients' judgment or hinder them from making specific investments.
“Our clients are adults. They disagree. That’s what makes markets. So, if they want to have access to buy yourself bitcoin, we can’t custody it but we can give them legitimate, as clean as possible, access”, Dimon added.
JPMorgan announced its own digital currency, the JPM Coin, in February 2019 and in October 2020, the investment firm officially put together a blockchain and crypto unit to work on specific projects within the vertical. This has not stopped Dimon from sharing his opinion.
He spoke to Axios CEO Jim VandeHei and told him that BTC lacked any intrinsic value. Dimon also cautioned that regulators are only warming up and when they are ready, they will end up regulating the “hell out of it”. While regulation is surely coming, not all seems to be bad.
For example, Federal Reserve chairman Jerome Powell said that the US would not follow in the steps of China and ban BTC. He was joined by US Securities and Exchange Commission chair Gary Gensler who held the same position.