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5 Oct, 2021 12:40

Watchdogs to ‘regulate the hell out’ of bitcoin which has no real value – Jamie Dimon

Watchdogs to ‘regulate the hell out’ of bitcoin which has no real value – Jamie Dimon

JPMorgan CEO Jamie Dimon has doubled down on his criticism of bitcoin, once again saying the cryptocurrency is worthless.

“It’s got no intrinsic value,” the Wall Street banker said in a TV interview with Axios when asked whether bitcoin was akin to fool’s gold.

“Regulators are going to regulate the hell out of it,” he added.

“If people are using it for tax avoidance and sex trafficking and ransomware, it’s going to be regulated, whether you like it or not.”

Also on rt.com Keiser Report finds out why JPMorgan chief is backtracking on his criticism of bitcoin

Dimon’s critical remarks come in stark contrast to the increasing attention being given to crypto assets from such financial giants as Goldman Sachs, Deutsche Bank and his own JP Morgan Chase.

Earlier this year, the New York-based bank became the first financial institution to start a bitcoin fund, allowing its wealth management clients access to six crypto assets. The move came after years of trash-talking the digital currencies in public.

Last year, JP Morgan launched a blockchain and crypto division of its own, suggesting its issues with bitcoin weren’t so much the existence of the cryptocurrency itself but a lack of state control over it.

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