Jamie Dimon on bitcoin ,says it is ‘worthless

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Jamie Dimon on bitcoin

Jamie Dimon who is the chairman of  JPMorgan Chase and CEO isn’t a fan of bitcoin. Bitcoin which is the largest cryptocurrency by market value has not yet ruled the hearts of Jamie Dimon.

As per his views bitcoin is worthless. Dimon made this statement during an Institute of International Finance event on Monday.

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But, “I don’t want to be a spokesperson — I don’t care. It makes no difference to me,” he said. “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.”

He actually meant that statement. Basically, he was anti of this bitcoin currency because he wanted to launch JP morgan’s own currency. In February 2019, JPMorgan said it would roll out a digital currency called JPM Coin. He was sure of the fact that this currency will be much better than bitcoin or any sort of digital currency for that matter. The firm even worked in this regard and in October 2020, the firm created a new unit for blockchain projects. In August, it initiated grants to its wealth management clients access to crypto funds.

For his part, however, Dimon has held firm in his anti-crypto outlook.

Jamie Dimon on Bitcoin,says bitcoin is ‘worthless

This is not the first statement that Jamie made anti bitcoin. Recently, he told Axios CEO Jim VandeHei that bitcoin has “no intrinsic value. Though people claim that bitcoin is a long-term thing but “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.”

His allegations might be right as well.  Recently, the U.S. government has had a heightened focus on regulating cryptocurrency markets. On Friday, as per reports by Bloomberg, the Biden administration is weighing an executive order. This order would direct federal agencies to study in detail and offer recommendations on the crypto market. Jamie Dimon bitcoin qoutes.Jamie Dimon bitcoin 2021.Jamie Dimon net worth.Bitcoin price.JP Morgan bitcoin prediction.JP Morgan bitcoin fund.

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As per some analysis by financial experts, the well-thought-out regulation would be beneficial in the U.S. “If a country wants crypto to become more of a mainstream asset, then the first step must be the regulation” as told by Anjali Jariwala, certified financial planner, certified public accountant and founder of Fit Advisors.Jamie Dimon bitcoin qoutes.

One important thing to add here is that Bitcoin is currently trading at around $57,501, according to CoinMarketCap.Its market value is more than $1 trillion.

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