BTC will be regulated whether you like it or not – Jamie Dimon
2 min readJamie Dimon, director of JPMorgan, reiterated his negative stance on BTC, saying that it serves as the fool´s gold of the future and has no intrinsic value. It also believes that the entire cryptocurrency sector will inevitably be placed under the regulatory framework.
Jamie Dimon: BTC has no intrinsic value
CEO of JPMorgan Chase & Co. – Jamie Dimon – is a critic of cryptocurrencies every inch. During a recent interview with HBO, he stated his reasons for opposing the asset class. He touched on the topic of a total ban on mining and trading in China. Dimon believes the move proved that BTC is illegal. Therefore, people should not consider it as digital gold:
“I’ve always believed it would be illegal somewhere like in China, so I think it’s kind of fool´s gold.”
With this view, Dimon is in opposition to many other prominent names, which supports the cryptocurrency because of its resemblance to the yellow metal, but also because of some of its advantages. These include Michael Saylor, Steve Wozniak and Chamath Palihapitiya – all of whom believe that BTC is a better asset than gold due to its well-known maximum limit.
JPMorgan’s CEO also called on US regulators to regulate BTC because he believes the main use of a leading digital asset is through illegal activities:
“Yes… If people use it to avoid tax and ransomware, it will be regulated, whether you like it or not. So this is not a moral statement. It is a factual statement. “
Dimon has been added to the list of people who claim that BTC is used for illegal transactions. However, this assumption is inaccurate, as many reports claim that cash remains the most widely used payment method for illegal activities.
Despite its hostile attitude to the cryptocurrencies of its CEO, the multinational investment bank JPMorgan Chase & Co. has recently started to provide clients with digital asset services.
At the end of July, Mary Callahan Erdoes – Director of Asset and Asset Management – noted that most of the bank’s users consider BTC to be an asset class. She also pointed to the growing demand for cryptocurrency-related opportunities, and the bank worked in this direction.
“Many of our clients say: This is an asset class and I want to invest, and our job is to help them put money where they want to invest.”
Shortly afterwards, the largest US bank gave its institutional clients access to six cryptocurrency funds.
