Dimon highlighted that the government should introduce regulations to control cryptocurrencies regardless of what others think about them. Although he admitted that the value of Bitcoin could increase ten times within the next five years, he does not care.
The CEO of JPMorgan, Jamie Dimon, believes that Bitcoin does not have any intrinsic value. The executive added that the government could introduce regulations to control cryptocurrencies at any time.
American billionaire businessman Jamie Dimon has been the president of the JPMorgan bank since 2005. Before that, he had served on the board of directors of the Federal Reserve Bank of New York.
Curiously, Dimon is not part of the board of directors at another publicly-traded company.
Dimon recently created a unit for blockchain projects and highlighted that it is necessary to introduce regulations. In this sense, he said the government would control cryptocurrencies regardless of what others think about them.
He added that he is not a fan of Bitcoin and restated that there must be a legal framework around cryptocurrencies.
Dimon Believes that Bitcoin is Useless and Worthless
It is not the first time that Dimon has claimed to be against the pioneering cryptocurrency. He has been one of the most outspoken skeptics about Bitcoin on Wall Street.
In a television interview with Axios, he expressed that he believes the crypto asset has no intrinsic value. Likewise, he told the Times of India that he would not be worried if the price of Bitcoin skyrocketed further.
He admitted that he is aware that its value could go up ten times within five years. However, he said that he did not care about that.
Then he added that he believes that someone who borrows money to buy Bitcoin is a fool. He recently said that at the Global Financial Industry Association that Bitcoin is worthless.
Although Dimon does not estimate Bitcoin, he noted that adult investors could use their money as they pleased. In that sense, he explained that he does not want to be a spokesperson about it.
For years, the traditional financial sector has viewed the world of cryptocurrencies with suspicion. Most leaders in the banking industry have expressed their distaste for this new technology, denying its possibility to replace fiat money in the long run.
Despite the advances that the cryptocurrency world has experienced, some of them seem to maintain that position. The CEO of JPMorgan is only one of the cases of banks that recommend not investing in Bitcoin.
Some Businessmen React to the Comments From Dimon
The CEO of MicroStrategy, Michael Saylor, commented that institutions and bankers are amid the most critical issues in their careers. That billionaire entrepreneur has dared to invest large amounts of money in Bitcoin as a store of value.
Anthony Pompliano said that the comments from Jamie Dimon did not alter the value of the cryptocurrency. Quite the contrary, the pioneering cryptocurrency exceeded the USD 60,000 barrier, as many analysts had predicted.
Bitcoin is currently trading at around USD 60,950 and has accumulated a 12.6% profit in the last week, according to CoinGecko. Its daily trading volume is above USD 38 billion, while its market capitalization is approximately USD 1,148 billion.
By Alexander Salazar
