Chief Executive Officer of JPMorgan Jamie Dimon remains critical of the hype surrounding Bitcoin (BTC/USD). During an event on Monday, he stated that Bitcoin is “worthless.”
While Dimon is still not convinced about the viability and use of Bitcoin, his bank has started doing business with clients who are accessing the crypto asset.
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
“We can’t custody it [bitcoin], but we can give [clients] legitimate, as clean as possible access,” he stated during the event.
Dimon’s stance on crypto is in stark contrast with the stance in the financial sector, as more mainstream organizations join the race to get involved in Bitcoin.
The world’s largest crypto asset has been at the bullish level for the past few weeks, as its market cap hits $1.1 trillion.
Dimon says government will regulate Bitcoin
Dimon added that the several issues Bitcoin has only meant that it’s inevitable for the government to regulate it. Such regulations will be for tax purposes, banking regulation purposes, as well as for anti-money laundering purposes.
It’s no secret that Dimon has been very critical of Bitcoin. He has stirred controversial discussions after calling Bitcoin fraud and later rescinded his statement.
While being questioned on the stance of JPMorgan on Bitcoin, he said.
Our clients are adults. They disagree. That’s what makes markets.
He added that the bank is in no position to custody crypto for clients, but it can offer access.
In 2019, JPMorgan stated that it was going to launch a digital currency known as JPM Coin. In August 2021, it started offering access to wealth management clients after creating a new unit of blockchain projects in October 2020.
Dimon says Bitcoin has no intrinsic value
Dimon has long been against the growing popularity of Bitcoin, occasionally giving reasons for his strong stance against the top crypto asset.
And recently, while speaking with the Chief Executive Officer of Axios, Jim VandeHei, he said that Bitcoin has no intrinsic value. He added that some jurisdictions may soon make it illegal just as China has already taken the step.
Apart from China’ other countries have started setting up policies that will regulate Bitcoin and cryptocurrencies. Their major concern is crypto’s increased use for money laundering.
67% of retail CFD accounts lose money