Jamie Dimon, JPMorgan CEO, doubled down on his past doubts of Bitcoin in a television interview with Axios published Monday. Dimon warned investors that the cryptocurrency does not have any underlying value.
Dimon said, “It has no intrinsic value,” in an answer to a question about whether bitcoin was similar to fool’s gold.
When Dimon was asked if authorities should regulate cryptography, Dimon replied, “Regulators will regulate the hell outta it,” and that this was more of a factual statement than a moral one.
Axios’s Riel said, “If people use it for tax avoidance, sex trafficking, and ransomware it will be regulated,”
Dimon was also asked about his $31million compensation package. It was increased with approximately $49 million in JPMorgan stock options in July, according to the Financial Times.
He said, “The board decides my actions.” “We have a free marketplace in this country, which… everybody should be applauding.”
Dimon, a long-time crypto critic, has called bitcoin a “fraud”, and a waste of time . The JPMorgan boss stated that he would not care if bitcoin’s prices rose further in September.
Dimon stated to the Times of India that “that doesn’t mean it can go 10x in the next five year.” I can still remember the days when beanie babies sold for $2,000 per pop. We all know tulip bulb.
Dimon’s criticisms are in direct contrast to the growing interest in crypto by mainstream financial institutions, including JPMorgan. Insider reported in July that the bank would be the first to implement crypto trades as requested by wealth-management clients.
Image Mike Blake/Reuters
