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JPMorgan’s Dimon blasts bitcoin as ‘useless’, due for guideline By Reuters

© Reuters. A representation of the virtual cryptocurrency Bitcoin is seen in this image illustration taken June 7, 2021. REUTERS/Edgar Su/Illustration

NEW YORK CITY (Reuters) – Jamie Dimon, JPMorgan Chase & Co (NYSE:) president, stated on Monday at a conference that cryptocurrencies will be controlled by federal governments which he personally believes 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,” Dimon stated, describing banking policies in a discussion held practically by the Institute of International Finance.

Dimon, head of the biggest U.S. bank, has actually been a singing critic of the digital currency, as soon as calling it a scams and after that later on stating he was sorry for the declaration.

This summertime, JPMorgan provided wealth management customers access to cryptocurrency funds, indicating the bank’s monetary consultants can accept purchase and offer orders from customers for 5 cryptocurrency items.

Stating that his views are various from those of the bank and its board, Dimon stated he stays doubtful.

“I personally think that bitcoin is worthless,” Dimon stated. “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.”

trading revealed no instant response to Dimon’s remarks. The cryptocurrency was last up 5% for the day at $57,304.

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Blake

News and digital media editor, writer, and communications specialist. Passionate about social justice, equity, and wellness. Covering the news, viewing it differently.

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