Bitcoin has no value and authorities will soon 'regulate the hell out of it,' says JPMorgan CEO Jamie Dimon
JPMorganCEO Jamie Dimondoubled down on past skepticism of bitcoinin a TV interview with Axios.
- Dimon is a longtime
cryptocritic who has trashed bitcoin as a "fraud" and a waste of time.
- His critical remarks come in contrast to growing crypto interest by mainstream financial institutions - including JPMorgan.
"It's got no intrinsic value," said Dimon in response to a question on whether bitcoin was akin to fool's gold.
Asked about whether authorities should regulate crypto, Dimon said, "Regulators are going to regulate the hell out of it," adding that this was more a factual than a moral statement.
"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," he told Axios.
Dimon was also pressed on his $31 million
"The board decides what I make," he said. "We have a free market in this country, which ... everyone should applaud."
Dimon is a longtime crypto critic who has trashed bitcoin as a "fraud" and a waste of time. In September, the JPMorgan boss said he wouldn't care if bitcoin's price shot up even further.
Dimon's critical remarks come in contrast to growing crypto interest by mainstream financial institutions - including his own JPMorgan. In July, Insider reported that would be the first big bank to execute crypto trades requested by its wealth-management clients.
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