JPMorgan CEO Says Bitcoin Is ‘Worthless’

Jamie Dimon, JPMorgan’s Chief Executive Officer, has said that Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC) is ‘worthless’ and that Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term will be regulated at some point. During a conference held by the Institute of International Finance, Dimon was vocal once again on his anti-digital currencies stance.

“No matter what anyone thinks about it, the government is going to regulate it. They are going to regulate it for (anti-money laundering) purposes, for (Bank Secrecy Act) purposes, for tax,” JP Morgan CEO commented on the matter. However, he clarified that his views are different from these of the banking institution and its board, although he remains skeptical towards the nature of cryptocurrencies.

“I personally think that bitcoin is worthless,” Dimon said. “I don’t think you should smoke cigarettes either. Our clients are adults. They disagree. If they want to have access to buy or sell bitcoin, we can’t custody it, but we can give them legitimate, as clean as possible access,” Dimon added.

Although his words sounded bearish for the world’s largest crypto by market capitalization, its reaction was muted on Dimon’s comments during the conference. Interestingly, in August, JPMorgan Chase started to pitch an actively managed Bitcoin fund to its wealthy private banking clients. The rumors of the Wall Street giant’s intentions to launch an active fund were first floated in April. Moreover, Dimon-led bank’s pivot into Bitcoin clearly shows the increased institutional interest in Bitcoin.

JPMorgan and Cryptos

JPMorgan is likely to push the fund as the safest and cheapest Bitcoin investment vehicle to its private clients. While JPMorgan is entering the place, its competitors have already had prominent crypto exposure. Morgan Stanley and Fidelity are only a few traditional financial players already offering Bitcoin investment products to their clients.

With the new service in place, the bank’s financial advisers are able to accept, buy and sell orders from customers for five digital assets products.