Jamie Dimon, CEO of JPMorgan: Bitcoin is worthless. Governments will soon regulate the use of cryptocurrencies

Jamie Dimon, Chairman and CEO of JPMorgan Chase, speaks at the third annual Bloomberg Global Business Forum held at the Plaza Hotel in New York City on Wednesday, September 25, 2019. Political and business leaders attending the forum are discussing how climate changes effects the world's economy and possible solutions to the crisis. Photo by /UPI,Image: 473200975, License: Rights-managed, Restrictions: , Model Release: no, Credit line: Profimedia

PMorgan, the chief executive officer of the largest US bank, JPMorgan, reiterated his belief that Bitcoin is “worthless” and added that governments are preparing to regulate the crypto sector, Barron’s reports.

“No matter what people think, governments will regulate the industry. They will regulate it for reasons related to combating money laundering activities and for reasons related to the Bank Secrecy Act “, Dimon said during an event of the International Institute of Finance.

Published in 1970, the Bank Secrecy Act (BSA) provides a legislative framework that requires US financial institutions to support U.S. government agencies in detecting and preventing money laundering operations.

Clients in JPMorgan’s wealth management division already have access to some cryptocurrency exposure funds , but Dimon says his vision differs from that of other US chief bankers and the company’s board.

“Personally, I think Bitcoin is worthless (…) And I don’t even think people should smoke cigarettes. But I’m not interested. Our customers are adults, they don’t agree, and that matters inside the markets. We will give them legitimate and clean access to Bitcoin, “says Dimon.

China is looking for ways to punish the activities associated with the cryptocurrency industry. Beijing is waiting for legal interpretations of the restrictions

The price of the most valuable cryptocurrency in the world does not seem to be affected by the CEO’s comments. Bitcoin has fallen just 0.78% in the last 24 hours to $ 56,901, after rising 5% yesterday.

Tapia enjoys discussing business topics with others and is always looking to learn more about the world of commerce. He has worked in a number of industries throughout his career, giving him a well-rounded perspective on what works and what doesn't. In particular, he is interested in exploring how blockchain technology can be used to create efficiencies in business processes.


Please enter your comment!
Please enter your name here