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

JPMorgan CEO Jamie Dimon: Crypto Has No Intrinsic Value, 'Regulators Are Going to Regulate the Hell out of It'

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

Dimon was requested whether or not bitcoin is “the idiot’s gold of the future?” The JPMorgan boss replied:

It’s received no intrinsic worth, and regulators are going to manage the hell out of it.

While admitting that the cryptocurrency will likely be round long run, Dimon stated: “I’ve at all times believed it’ll be made unlawful someplace, like China made it unlawful, so I feel it’s a bit of bit of idiot’s gold.”

Several regulators have equally stated that bitcoin has no intrinsic worth, together with European Central Bank (ECB) President Christine Lagarde, Federal Reserve Chairman Jerome Powell, and Bank of England Governor Andrew Bailey. In comparability, many have additionally pointed out that fiat currencies additionally haven’t any intrinsic worth. A report revealed by the Federal Reserve Bank of St. Louis states: “State monopoly currencies, akin to the U.S. greenback, the euro, and the Swiss franc, haven’t any intrinsic worth both.”

Dimon was additional requested whether or not governments ought to regulate bitcoin. “Yes,” he exclaimed, including: “They need to. You can’t regulate the whole lot a financial institution does in phrases of shifting cash and never regulate what you’ll name cash.” The JPMorgan govt elaborated:

You can name it a safety or an asset or one thing like that, but when individuals are utilizing it for tax avoidance and intercourse trafficking and ransomware, it’s going to be regulated, whether or not you prefer it or not. So it’s not an ethical assertion. It’s a factual assertion.

Dimon has lengthy been a bitcoin and crypto skeptic. He referred to as BTC a fraud again in September 2017 however later regretted making the assertion. In May, he suggested individuals to “keep away” from cryptocurrency.

Read the article:  BTC payments coming to certain Quiznos shops, thanks to Bakkt collaboration

While stating that he himself didn’t care about bitcoin, Dimon admitted that JPMorgan purchasers have an interest. In July, the financial institution stated that heaps of its purchasers noticed cryptocurrency as an asset class and so they wished to put money into it. By August, JPMorgan was providing six cryptocurrency funding funds to purchasers.

What do you concentrate on JPMorgan CEO Jamie Dimon’s feedback? Let us know in the feedback part under.

Every trader who trades cryptocurrency on the Binance exchange wants to know about the upcoming pumping in the value of coins in order to make huge profits in a short period of time.
This article contains instructions on how to find out when and which coin will participate in the next “Pump”. Every day, the community on Telegram channel Crypto Pump Signals for Binance publishes 3-4 free signals about the upcoming “Pump” and reports on successful “Pumps” which have been successfully completed by the organizers of the VIP community.
These trading signals help earn from 5% to 45% profit in just a few hours after purchasing the coins published on the Telegram channel “Crypto Pump Signals for Binance”. Are you already making a profit using these trading signals? If not, then try it! We wish you good luck in trading cryptocurrency and wish to receive the same profit as VIP users of the Crypto Pump Signals for Binance channel.
John Lesley/ author of the article

John Lesley is an experienced trader specializing in technical analysis and forecasting of the cryptocurrency market. He has over 10 years of experience with a wide range of markets and assets - currencies, indices and commodities.John is the author of popular topics on major forums with millions of views and works as both an analyst and a professional trader for both clients and himself.

Leave a Reply