JP Morgan CEO Says Bitcoin Will Soon Be Regulated By Government And Become “Worthless”

( The CEO and chairman of a major investment bank says he thinks that bitcoin isn’t worth anything.

This week, Jamie Dimon of JPMorgan Chase shared his thoughts about bitcoin, the world’s largest cryptocurrency by market value, by saying:

“I personally think that bitcoin is worthless.”

He then added:

“I don’t want to be a spokesperson. I don’t care. It makes no difference to me. Our clients are adults. They disagree. That’s what makes markets.

“So, if they want to have access to buy yourself bitcoin, we can’t custody it but we can give them legitimate, as clean as possible, access.”

Despite Dimon’s own personal feelings on bitcoin and cryptocurrency in general, JPMorgan Chase is still serving their clients desires by offering investment options. In 2019, the company rolled out their own digital currency that’s called JPM Coin.

Then, one year later, they even created a brand new unit for projects related to blockchain. In August of this year, wealth management clients at JPMorgan Chase were given access to invest in cryptocurrency funds.

Dimon has long believed that there is “no intrinsic value” in bitcoin and cryptocurrency. He has said recently that he doesn’t believe it’s going anywhere anytime soon, but he does see its value slipping a lot.

He said:

“I’ve always believed it’ll be made illegal someplace, like China made it illegal. So, I think it’s a little bit of fool’s gold … Regulators are going to regulate the hell out of it.”

The United States government has thrown around this possibility recently, too, and a full-blown regulation of cryptocurrency here could disrupt that market in a negative way.

The Biden administration is considering issuing a new executive order that would direct certain agencies of the federal government to offer recommendations on how to handle the cryptocurrency market, Bloomberg reported.

Even despite the possibility — and likelihood — of some form of future regulation, it doesn’t appear America will ban bitcoin or cryptocurrency altogether. In fact, just a few weeks ago, Jerome Powell, the chairman of the Federal Reserve, said he had no intention to ban bitcoin and other cryptocurrencies in the U.S., as China has done recently.

Supporters of cryptocurrency are afraid that further regulation would stifle innovation in the market here in the United States, pushing that business overseas.

While many people who are pro-crypto are terrified at the possibility of regulation and what that could bring to the market, others feel if done in the right way, it could be beneficial in America.

The founder of Fit Advisors, Anjali Jariwala, recently commented on this exact thing when she said:

“If people want crypto to become more of a mainstream asset, then I think [regulation is] a necessary first step.”

Bitcoin had a total market value of more than $1 trillion, as of earlier this week. It was trading around $57,501 per share.